Follow-up: Identified the cause of the grey screen
I managed to identify the cause of the grey screen after further troubleshooting.
I captured and analyzed an explorer.exe crash dump using WinDbg. The crash occurs in SettingsHandlers_DesktopTaskbar.dll during taskbar initialization.
Crash details:
Faulting application: explorer.exe
Faulting module: SettingsHandlers_DesktopTaskbar.dll
Exception code: 0xc0000409
Fault offset: 0x000000000003a274
Related function: DesktopTaskbarSettingsSingleton::EnsureAssistantManager
The investigation led me to ViVeTool feature ID 58381341, identified as SystemComposer. It had a User-priority override forcing the feature to be enabled.
Resetting this override from an elevated Command Prompt using the following command restored the desktop, taskbar, and Start menu:
ViVeTool.exe /reset /id:58381341 /priority:8
However, I discovered another problem. Resetting this feature also removes the new WinUI 3 Windows Search experience from my system. When I re-enabled feature 58381341, Explorer immediately started crashing again and the grey screen returned.
This strongly suggests a conflict between the forced SystemComposer feature and Explorer's taskbar initialization on my current configuration of build 26340.9750.
For now, resetting the feature is the only workaround I have verified that restores a usable desktop. I have not found a way to keep the new Search experience enabled without reproducing the crash.
This also provides a more specific explanation for the original issue than general Windows image corruption. sfc /scannow found no integrity violations, although DISM previously failed with error 0x800F0915.
Could the Windows Insider team investigate this interaction and clarify whether it is a known issue with build 26340.9750? Ideally, the new Search experience should not cause Explorer to crash, and users should not have to disable an experimental feature to keep the desktop working.