Update (September 22, 2021): Microsoft released Windows 11 Insider Preview Build 22463 to the Dev Channel and there was a fix: “Fixed an issue that caused some PCs to bug check with DRIVER_PNP_WATCHDOG error when attempting to update to a recent build.“
Update (September 9, 2021): Microsoft released Windows 11 Insider Preview Build 22454 to the Dev Channel. My attempts to install 22454 were the same as my experience below with attempting to install Build 22449.
When Windows 11 Insider Preview Build 22449 was released on September 2, 2021, I got a Green screen DRIVER_PNP_WATCHDOG error on many installation attempts.

I tried:
- disabling IDE in BIOS
- changing IDE/ATA controller driver from Intel(R) 500 Series Chipset Family SATA AHCI Controller to generic Microsoft driver
- switching to beta channel, installing 22000.176 then back to the dev channel and attempting to install 22449
- disabling all non-MS services in msconfig
None of those made any difference. I had 2 USB 3.0 external drives connected and when I disconnected those, the installation of 22449 was successful.
I had the same result doing a clean install with the 22000.132 ISO and updating to 22449.
The motherboard is an Asus ROG Strix Z590-I with an Intel Core i7-11700K. The Bluetooth driver is Intel Wireless Bluetooth v22.80.0.4. The IDE ATA/ATAPI controllers are Intel(R) 500 Series Chipset Family SATA AHCI Controller v18.31.1.1033.
For now, I’ve rolled back to 22000.168