I tried deleting both “%APPDATA%\Sublime Text 3” and “%LOCALAPPDATA%\Sublime Text 3”.
Portable version behaves the same way. Running with admin privileges makes it work, but it looks like it doesn’t fully interact with the OS, as I’m not able to drag and drop files to open them, nor access my network drives.
Running Portable without admin privileges ends up on a new crash/freeze after moving the mouse over its screen.