The Wine AppDB page suggests starting the game with -novideo as a workaround.
The hint from @whizse works for me and the game starts and is playable.
LOG:
steam-12640.log
Crash at launch

These look like some lines of interest from the log:
err:quartz:GetClassMediaFile Media class not found
fixme:quartz:MPEGSplitter_query_accept MPEG-1 system streams not yet supported.
It works for fine for me using Proton Experimental on Flatpak/Fedora (even without -novideo). Is this still an issue for you?
proton experimentalx1 2022-06
Compatibility Report
System Information
I confirm:
steam-12640.log
Symptoms
Starting the game produces a black screen that will be pushed into the background by an error message box containing the following message
nDShowServer::PlayFile(): could not render file 'Z:/opt/steam/SteamApps/steamapps/common/Drakensang/export/data/movies/intro16_9.mpg'.Hitting the OK button brings up another error message box titled
Microsoft Visual C++ Runtime Librarywith the following content:After hitting OK on that box, the game shuts down.
Reproduction
Simply try to start Drakensang.