https://bugs.winehq.org/show_bug.cgi?id=49577
--- Comment #1 from Paul Gofman pgofman@codeweavers.com --- There must be some specifics here, because I cannot reproduce it neither with local latest Staging git nor with distro provided 12.1 binaries (which also use mingw build of course), but I don't have ArchLinux. Also, unless I missed something no one reported such an issue for 5.12 before, so presumably it is working for some people. Maybe not on ArchLinux, I've heard it ships non PE builds for some reason.
Is that the full debug output? Just in case, did you make sure you don't have some leftover .so binaries in the build tree and in the Wine installed tree? Any non-default build flags? Also AFAIU [1] suggests that someone managed to run mingw build on Arch Linux after 5.12.
1. https://bugs.winehq.org/show_bug.cgi?id=49436#c31