I think it is not a Windows update issue, I also install Adobe DC Reader on my Windows 10 machines, different versions, including LTSC 2019, 1909 and 20H2, all oof them work fine.
In fact, you have found out the key point—antivirus. If you uninstall the antivirus or disable it, then update Windows 10, what happened, I believe the result will be good. I search in Adobe Support Community, some users meet with the same situation and solved problem by removing/configuring antivirus.
Look at this case:
https://community.adobe.com/t5/acrobat-reader/adobe-reader-no-longer-opens/m-p/10100318#M47030
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