I can't add much technically to this discussion, but I can add my voice to the rising cacophony. A few days after upgrading directly from the latest version of Catalina to m(sic)acOS 11.1, and thinking that it had all gone too smoothly, I found I had the same problem. (For reference, this is on a 2016 27" iMac, which has been restarted several times since the upgrade.)
I have multiple users and have been flitting between them checking that they are all set up correctly after the upgrade. I found that the "__gabe__" suggested fix of quitting and shift-launching Mail a few times, and then restarting the iMac fixed the problem... for now, at least. I also noticed that, after the restart, it took an inordinately long time (-10 minutes) after logging in for the spinning cursor to disappear, the desktop to become active and the login app windows to appear.
FWIW, that was my experience. I'll add to it if all goes sour again.