I did actually find the following event viewer message:
The hypervisor did not enable mitigations for CVE-2018-3646 for virtual machines because HyperThreading is enabled and the hypervisor core scheduler is not enabled. To enable mitigations for CVE-2018-3646 for virtual machines, enable the core scheduler by running "bcdedit /set hypervisorschedulertype core" from an elevated command prompt and reboot.
Event though this didn't solve the problem to enable this mitigation it got me thinking if this problem was Hyper-V related and I started to look that way.
And sure enough, it was related to HVCI (Hypervisor-protected code integrity) was enabled.
Further info:
docs.microsoft.com
ourwindowsman.wordpress.com
If I disable HVCI it runs fine again, which can be done with this registry change:
reg add "HKLM\SYSTEM\CurrentControlSet\Control\DeviceGuard\Scenarios\HypervisorEnforcedCodeIntegrity" /v "Enabled" /t REG_DWORD /d 0 /f
I assume you can make your VM run fine with HVCI enabled but one of the requirements seems to be you have to use secure-boot which I don't and will not, so I haven't tested it furter.