OK now we're getting somewhere. I installed Cygwin sine I am more familiar with that and here's the output. By the way the last message actually ends at "mmdevi". I tried multiple times. Of course this could be due to a stream that is not yet flushed when the crash occurs.
$ ./vlc.exe -vv 2>&1 | cat
[0000022423e831b0] main libvlc debug: VLC media player - 3.0.16 Vetinari
[0000022423e831b0] main libvlc debug: Copyright © 1996-2021 the VideoLAN team
[0000022423e831b0] main libvlc debug: revision 3.0.16-0-g5e70837d8d
[0000022423e831b0] main libvlc debug: configured with /home/jenkins/workspace/vlc-release/windows/vlc-release-win32-x64/extras/package/win32/../../../configure '--enable-update-check' '--enable-lua' '--enable-faad' '--enable-flac' '--enable-theora' '--enable-avcodec' '--enable-merge-ffmpeg' '--enable-dca' '--enable-mpc' '--enable-libass' '--enable-schroedinger' '--enable-realrtsp' '--enable-live555' '--enable-shout' '--enable-goom' '--enable-sse' '--enable-mmx' '--enable-libcddb' '--enable-zvbi' '--disable-telx' '--enable-nls' '--host=x86_64-w64-mingw32' '--with-contrib=../contrib/x86_64-w64-mingw32' '--with-breakpad=
https://win.crashes.videolan.org' '--enable-qt' '--enable-skins2' '--enable-dvdread' '--enable-caca' 'host_alias=x86_64-w64-mingw32' 'CFLAGS= ' 'CXXFLAGS= ' 'PKG_CONFIG=pkg-config' 'PKG_CONFIG_LIBDIR=/usr/x86_64-w64-mingw32/lib/pkgconfig:/usr/lib/x86_64-w64-mingw32/pkgconfig'
[0000022423e831b0] main libvlc debug: using multimedia timers as clock source
[0000022423e831b0] main libvlc debug: min period: 1 ms, max period: 1000000 ms
[0000022423e831b0] main libvlc debug: searching plug-in modules
[0000022423e831b0] main libvlc debug: loading plugins cache file C:\Program Files\VideoLAN\VLC\plugins\plugins.dat
[0000022423e831b0] main libvlc debug: recursively browsing `C:\Program Files\VideoLAN\VLC\plugins'
[0000022423e831b0] main libvlc error: stale plugins cache: modified C:\Program Files\VideoLAN\VLC\plugins\access\libaccess_concat_plugin.dll
(...Lots of messages about stale plugins...)
[0000022423e831b0] main libvlc error: stale plugins cache: modified C:\Program Files\VideoLAN\VLC\plugins\visualization\libvisual_plugin.dll
[0000022423e831b0] main libvlc debug: plug-ins loaded: 496 modules
[0000022423e831b0] main libvlc debug: opening config file (C:\Users\xxxxx\AppData\Roaming\vlc\vlcrc)
[0000022423e83420] main logger debug: looking for logger module matching "any": 2 candidates
[0000022423e83420] main logger debug: using logger module "console"
[0000022423e831b0] main libvlc debug: translation test: code is "de"
[00000224243c8390] main keystore debug: looking for keystore module matching "memory": 3 candidates
[00000224243c8390] main keystore debug: using keystore module "memory"
[0000022423e831b0] main libvlc debug: CPU has capabilities MMX MMXEXT SSE SSE2 SSE3 SSSE3 SSE4.1 SSE4.2 FPU
[000002242238da60] main playlist debug: creating audio output
[0000022423f48db0] main audio output debug: looking for audio output module matching "any": 6 candidates
[0000022423f48db0] mmdevice audio output debug: using default device
[0000022423f48db0] mmdevice audio output error: cannot get session control (error 0x8007007e)
[0000022423f48db0] mmdevice audio output error: cannot get simple volume (error 0x8007007e)
[0000022423f48db0] mmdevice audio output debug: version 2 session control unavailable
[0000022423f48db0] mmdevi
xxxxx@Xxxxxx-HUAWEI /cygdrive/c/Program Files/VideoLAN/VLC
$