Server Version#:1.32.0.6918
OS: Windows 10 Pro 22H2 19045.2846
I didn’t see anyone else run across this issue here, but I got the “Codecs: Error iterating old directory ‘Plex Media Server/Codecs’: An internal error occurred” error while trying to launch the server after updating to 1.32.0.6918.
I cleared out the Codecs folder as the first measure, and even though it looked like it was trying to download the files again, it just crapped out and crashed again and again.
To fix it, I installed 1.31.1.6733 over the existing installation and it booted right up.