Borderlands 3 crashing startup July 2020 update

I ran into a similar error when my power cut out during the shaders being updated. My error included the message:

Lowlevelfatalerror line 242

I found a solution by Dirges on the Gearbox Forums. The cause of this crash is a bad or corrupt .ini file that Borderlands 3 can't process. To fix it, try this:

• Find where your Borderlands 3 config exists. Mine was at <username>\Documents\My Games\Borderlands 3\Saved\Config

• Delete (or rename) the folder WindowsNoEditor which contains a bunch of .ini files. This will force Borderlands 3 to rebuild the .ini files.

• It appears that the most common reason for these kinds of errors is bad DX11/12 support. You can try to inspect or edit the GameUserSettings.ini file to update the PreferredGraphicsAPI to DX11 or DX12 as your graphics card supports.