Windows installer fails with PATH too long

Steps to reproduce

I run graphviz-install-2.44.1-win64, selected add to user path.

Actual Behaviour

This happens on both user and system path:

OS Version

Host Name:                 ROG-MM-W10
OS Name:                   Microsoft Windows 10 Pro
OS Version:                10.0.19041 N/A Build 19041
OS Configuration:          Member Workstation
OS Build Type:             Multiprocessor Free
System Manufacturer:       ASUSTeK COMPUTER INC.
System Model:              Zephyrus S GX701GXR_GX701GXR
System Type:               x64-based PC

Graphviz Version

2.44.1

Additional info

Path is NOT too long. I used Repair-Path to make sure:

User path has only few paths.

Installation succeeds if PATH changes options are not used.

Installation also succeeds in Windows Sandbox.