Same problem here with Win 7 x 64. As mentioned in the companion post - verifying game cache, reinstalling, replacing the "missing" dlls, etc all fail. D2 ran fine yesterday before installing the update.
I DO have a Win10 laptop that runs D2 wonderfully since Beyond Light, meaning - I can actually WATCH the cut scenes, and it does play the new Season of the Lost. However, it is not my main machine, and I would rather play on my desktop - which before this problem STILL could not play the cut scenes. Hope this is at least gets fixed more than that, so I can at least PLAY the game.
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We'll find out later if they can patch it out