I have had this happen multiple times. Printer spooler hangs, print manager wont open on server with only timeout errors in the event log.
If you have an HP printer the first place to look is in services and look for the following:
These 2 unnecessary services, from what I understand, are used for extra communication with HP printers and MFP’s. In my experience they kill the spooler and print manager. To fix this you don’t need any fancy removal tools.
Right click on both services and change their status from Automatic to Disabled and apply. It may hang the system for a minute or 2 so fair warning.
Once disabled attempt to stop both. Again be prepared for a hang and wait, it will usually come back to you.
Once both are stopped and disabled then stop and restart your spooler service.
Then retry to access your printers and print manager and all should be good.