[Resolved] Issue with Woocommerce 3.6.1 / WPML 4.6.0 – Internal Server Error

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Every plugin is updated. Even the paying plugins that I did not intend to update, even those have been prolonged for another year (79 + 99 euro!)

I have then deactivated *all* plugins (yes, all!) and then reactivated in this order:
1) Woocommerce
[everything works fine]

2) Wommerce Multilingual
[everything works fine]

3) WPML Multilingual CMS
[everything works fine]

4) WPML Translation Management
[everything works fine]

5) WPML String Translation
[everything works fine]

6) WPMLMedia
…and we have an error: The server encountered an internal error or misconfiguration and was unable to complete your request.

Debug log: [23-Apr-2019 14:01:27 UTC] PHP Fatal error: Maximum execution time of 60 seconds exceeded in /var/www/vhosts/canyonstore.eu/httpdocs/belgium/wp-includes/class-wp-hook.php on line 288