Rotating ring when zooming

No matter what I do, Audacity starts this rotating wring (don’t know what this pause thing is called) for several second - if I click Ctrl-1, if I click Cltl-F, whatever i click.,
What is wrong?

Do you mean the green/blue “busy” mouse pointer that Windows displays ?

If you read the Release Notes you will find:

(Windows) There may be substantial delays drawing the waveform in longer projects. These include:

  • opening saved projects that were fitted to the window
  • fitting an already zoomed in project to the window or zooming in on a fitted project

If you have a long project, I suspect this is what you are seeing.