Answer
Check the project's build_home\model\<module> directory for a stray backup (.BAK) file left inside that specific module's folder — a leftover BAK file there can cause Developer Studio to hang indefinitely while trying to expand that module. Removing the stray BAK file and then rebuilding that module's index resolves the hang, addressing the actual root cause, which none of the broader reinstall/cache-clearing/new-project attempts would fix on their own.