Just adding my experience.
(OS Windows 10 Pro 1809)
A few days ago i noticed my CPU fans were in unicorn barf mode instead of temperature dependent lighting like the rest of the system. So i checked for updates and sure enough i had 3.12.118 and there was a 3.2x version available.
After restarting my PC i ended up in a boot loop. Using some restore/repair options fixed the boot. iCUE was still 3.12.118.
Two times a charm and same result.
I used Gotan's advice and removed every little bit of iCUE from my system and reinstalled it from a fresh download (3.21.88). Now everything seems to work just fine.