I have two disk drives in my laptop, the system drive C: is on SSD, while drive D: is a mechanical drive which I use it for windows paging files and storing non-essential files including VMware images.
I have not been able to update my Windows properly for the past year and had many update failures. And for the past couple of months, I kept seeing very high cryptographic services CPU usage to the point if I don't stop the cryptographic services, I have to wait very long for applications like file explorer, zoom and teams meeting, excel, powerpoint etc. to start. Once I stop the cryptographic services, then those applications would start loading.
I haven't suspected my mechanical drive was actually failing, causing the issues with windows updates as well as high CPU loads, until I suddenly was not able to run one my my VMs on VMware, saying the virtual disk was missing. I did CHKDSK and found there were errors, and even after fixing, it was still not working properly. I finally replaced the disk with another (copying all the content of my D: over) and viola! I was able to update the windows to latest 21H1 and the cryptographic service works normally now without high CPU usage.
So if anyone has similar issues as I did experience above, you may want to check your disk drive if it may be failing or having errors.