I found that my issue was actually being caused by the 'actions.cuelibrary' file found at %APPDATA%/Corsair/Cue/libraries/actions.cuelibrary
I found this by cutting the 'CUE' folder to Desktop & reopening the iCUE app. The iCUE software regenerates that folder on start and the problem went away. I continued to open & close iCUE after copying over a new folder/file until I found the culprit. Not sure why the actions library was causing the issue. Maybe the issue is specific to the type of custom action I had in there.
This beats deleting the entire folder and losing all my custom profiles, etc.
Hope this helps someone else!