I tried a number of options including updating graphics card drivers and changing TdrDelay value.
One thing that worked for me is:
In the list of Projects shown in Unity Hub, press on the 3 dots at the right of the project name
Press ‘Advanced Project Settings’, an empty text area should appear.
Type: -force-d3d12
Press Done and open the Project
It started working for me but at the bottom of the editor, it constantly shows
‘d3d12: Profiler is enabled, but stable power state is not. GPU timing errors are expected.’
I shall update here if I face any further issues.