'Error 1114: A dynamic link library (DLL) initialization routine failed. (IBM DB2 ODBC DRIVER - DB2COPY1, C:\PROGRA~1\IBM\SQLLIB\BIN\DB2CLIO.DLL).' when connecting with DB2 11.5 ODBC driver (4378281)

When connecting to DB2 using the v11.5 DB2 ODBC driver using a Direct connection in Toad, the following error appears:
'error 1114: A dynamic link library (DLL) initialization routine failed. (IBM DB2 ODBC DRIVER - DB2COPY1, C:\PROGRA~1\IBM\SQLLIB\BIN\DB2CLIO.DLL).'

Also if attempting to connect with a Catalog connection using the DB2 client, it does connection, but no database objects are shown in the Object Explorer.

Please uninstall and reinstall Toad Data Point, as an installation issue could cause this behaviour and reinstalling can fix this.