I went through the same transition about a year ago. I hadn't touched music making for about a decade before that (had kids).
It is kind of overwhelming because the options are huge. Also, we're in a resurgence of electronic music hardware right now, which is super exciting but also ramps up the paradox of choice and analysis paralysis.
However, we have two things going for us: 1. Most music software has free demos or inexpensive lightweight versions. 2. The used hardware market is very strong so you can recoup most of the cost if you sell something (especially if you bought it used).
This means it's relatively feasible to sort of incrementally explore the space and see what works for you. I do think you have to treat it as an exploration. Unlike other music genres, electronic music lends itself to very personalized workflows. The gear and software you have and how you have it all set up is a big part of the creative process. Also, the user experience of hardware and software affects the music you make in profound ways that are hard to predict. You have to just sort of try stuff and see what gels with you.
I'd suggest:
1. Research the artists you like to see how they make their music. You can usually find video interviews with them, often in their studio.
2. Watch YouTube videos for the gear they use and see which things look inspiring.
3. Acquire a piece of it and give it a try. Make sure to force yourself to sink enough time to get past the initial learning curve.
4. If you like it, keep it. Otherwise, sell it and move on. Either way, go back to step 1.
Finding the right balance between just playing around, working to finish songs, and tinkering with your set up is a continuing challenge. Be mindful of it (i.e. don't just fetishize gear acquisition, or grind so hard you take the fun out of it) and you'll be OK.