I've been setting up my own minecraft server which is launched through the command line with a portable JDK. When it starts, it gets stuck at "preparing spawn region," usually around the 96% mark, although it varies. Sometimes it gets stuck at "time elapsed" instead. The "server ready" log message is never sent. The CPU consumption of the server drops to 0% in the task manager, the memory consumption remains constant, although the graph keeps updating, and the server window can only be closed using task manager. This issue is not present in server version 1.17.1 using JDK 16.0.2, nor when launching the 1.18 server normally by double clicking the JAR.

The command I use to start the server is:
"C:/Users/redfoxofdeath/AppData/Roaming/MCServer/runtimes/jdk-17.0.1/bin/java.exe" -Xms128M -Xmx4G -jar "C:/Users/redfoxofdeath/AppData/Roaming/MCServer/versions/1.18.jar"