@flakpyro Thanks for the feedback. Just tried the eval iso of Windows Server 2016 Datacenter and it spun up ok with latest xcp-ng patches.
So it looks like it's a problem specifically with the Windows Server 2016 Essentials edition and 8.2rc1 and later.
Unfortunately that's the edition that I'm licensed for and use. It's failed on both an Intel 12700k and a Xeon E3-1275v3 with the same blue screen message.