I have the same PC I did for Windows 10. Previous version in explorer worked great. I did not have any additional drives or external drives or thumb drives. I have a NVME for my boot drive and a RAID (adaptec) for my storage. I do however store all my xls, qb, doc etc on my NVME so I only need that operational for previous versions.
I tried to find out what was differen in my vanilla 11 fresh install. I have the latest firmware for everything. I have the latest drivers for everything. I have the latest patches for Windows.
When I go to my control panel, file history, it says "No usable drive was found". I don't recall configuring that on Win 10. I believe on Win 10 a portion of the c: drive was allocated to previous versions of files.