I'm not sure if that setting did the trick or not, but either way it sounds like those defaults were not appropriate for my use case.
I tried making the changes you listed and let it sit several hours. I started my Windows 10 VM and it hung at the boot screen... so no noticeable change. I have 128GB of RAM and I originally allocated 96GB to my Windows 11 VM (with memorybacking), and 8GB to a Windows 10 VM. I dropped my Win11 VM down to 64GB and now Win10 boots without any issues.
So I guess even though I had plenty of memory to go around, something wasn't playing nice. Not sure if maybe I needed to reboot my Win11 VM after changing the two settings you mentioned for it to take effect. Maybe I'll try out a few other memory combinations tomorrow to see if I can reproduce the hanging behavior of my Win10 VM.