and then, restart, launch Premiere Pro, open a new project and then import your old project into it. If it works, then save it, try to clean out anything you don't need and hopefully that will help you.
I also had a project that I couldn't open and it kept hanging....
So what I did was create a NEW and BLANK project then tell it it IMPORT the sequence from the problem project and it all worked fine (in the new project). Hope this helps, though of course I can't guarantee it
Same problem, solved temporarily by importing to a new project after deleting the preferences.
I did what you suggested, and so far it has not happened again. Thank you
The problem reoccured for me.