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I was planning to clean up my Windows installation anyway, so I removed many of the drivers that was installed on my system.
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Removing the offending driver fixes the problem, and now my Thunderbolt port works seamlessly! I am not sure which one, but I can confirm that it is NOT one of these: Turns out that this problem was caused by a driver that was automatically installed by Windows Update. For example, your Thunderbolt or USB device connected thru the computer's USB C port might connect momentarily (around 1 to 2 seconds) then immediately disconnects.
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Owners of Dell (or possibly any other laptop owners as well that has Alpine Ridge Thunderbolt 3 controller whose power is turned on/off on demand on device connect), as you might probably experienced, your Thunderbolt 3 doesn't work reliably since around Windows 10 version 2004 update.
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