gdb 11.2-2022.02 does not start on Windows

I see that other people are running into issues with the Python 2.7 dependency of the GDB bundled with 11.2, but I'm having trouble starting it even with Python 2.7 installed.

I've installed on Windows 10 using the official installer, gcc-arm-11.2-2022.02-mingw-w64-i686-arm-none-eabi.exe. I have Python 2.7 first in my PATH, so python --version shows Python 2.7.15. There is no PYTHONPATH or PYTHON_HOME environment variable set.

When I try to start GDB with no arguments by running .\arm-none-eabi-gdb from the installation's bin directory, it prints ImportError: No module named site and exits. No arguments seem to have any effect or produce any useful debugging info. Curiously, on my other machine (also running Windows 10, same environment settings, and same Python 2 version), GDB exits immediately with no output.

What can I do to further troubleshoot this?