Launcher won't launch unless I go to System Restore

When I try to open Minecraft nothing seems to open. Task manager shows 'Minecraft launcher (32 bit)' in Processes but the launcher doesn't show up. Alt-tab shows nothing. However, when I select 'System protection' from the system page and then click 'System Restore', the launcher pops up! I don't actually restore, just click 'System Restore...' Not sure what's going on, but this is repeatable. I can then log into the launcher and change settings but when I click 'Play' it simply hangs (Not Responding).

I last played (successfully) a few weeks ago with the old launcher.