Start the game from the EpicPW-UnfrozenBG.bat (located in EPW_folder\element )
Check the version below the select button, is it Client Version 103?
Can you run the game normally? If yes then the 'endless' update is probably just a read/write OS permission problem
If yes, then the client is up to date and you can start from batch file, skipping patcher
If not, I suggest updating it properly if it is a fresh install
Check if your \config\element\version.sw file, once opened with Notepad/Notepad++ shows version 103 or something else