Hate to reply to my own post, but was slightly confused by where to find the Use Legacy Previews Execution because there are 2 Canvas items in the editor menu. Once I enabled it, previews work as expected.

I'm having the same issue, only I'm targeting MacOS, which you really wouldn't expect to have this issue. In my case, it started happening when I imported a slightly more complicated view, but even removing it doesn't help. Right now, I only have a NavigationSplitView with a few text fields, but it consistently times out. Tried all the applicable suggestions, but nothing worked.