The log stops exactly where the daemon is deliberately waiting, so it is worth splitting this into two problems before you look any further at the profile or at pfSense.
--management-hold is not something your .ovpn sets, OpenVPN GUI adds it. The GUI starts openvpn.exe with a management socket on 127.0.0.1, connects to that socket, authenticates, subscribes to state and log output, and only then sends hold release. Address resolution and the first outgoing packet happen after that. So "need hold release from management interface" plus no server-side log means the GUI/daemon handshake never completed, and your certificates, the four <connection> blocks and the pfSense side have not been exercised at all yet. Nothing in what you posted is wrong for that stage.
Quickest way to confirm it: close the GUI, make sure no openvpn.exe survives, then from a Command Prompt in the config folder run
"C:\Program Files\OpenVPN\bin\openvpn.exe" --config yourprofile.ovpn
If that reaches TLS negotiation, the profile and the firewall side are fine and the fault is purely local to the GUI and management path. Run it as the affected user rather than as SYSTEM, since cryptoapicert has to reach that user's certificate store.
Things that produce this exact state on one workstation:
- An orphaned openvpn.exe from an earlier session still holding the management port, so the GUI either attaches to the wrong instance or cannot connect at all. Check with
tasklist /fi "imagename eq openvpn.exe" and netstat -ano | findstr 127.0.0.1:2534; the GUI allocates management ports from 25340 upwards, one per profile. Incidentally the pasted line reads 127.0.0.1:253, which looks truncated, so the real port number is worth confirming.
- Endpoint protection filtering loopback. Several EDR and AV products intercept 127.0.0.1 TCP. The daemon listens happily, the GUI's connect attempt is dropped silently, and no component logs an error. Check the product's blocked-connection log, or test with its network filter temporarily off.
- Mixed or partial installations: an older openvpn-gui.exe driving a 2.7.4 core, or two installations in different directories. Check
openvpn-gui.exe --version, that only one OpenVPN entry exists in Programs and Features, and that OpenVPNServiceInteractive is running, since that service is what launches the daemon when the GUI is not elevated.
- A
management directive inside the profile or an included file, colliding with the port and password the GUI wants to use. Not visible in what you pasted, but worth grepping the whole set on that machine.
Two things would narrow this a lot: the full GUI log for that connection at verb 4, specifically whether anything at all appears after the MANAGEMENT line, and whether the fault follows the machine or the account. Does the same Windows user work on another workstation, and does a different user work on this one?