It's fixed! For anyone who has Windows 10 and has the same issue, I am not sure which Windows update fixed it, however, I removed the last 4 updates Windows did and re-installed them.
I had to download the updates directly from the Microsoft website myself, though if you can use Auto-Update do that instead to re-install. Windows Update had an issue running on my machine so I did it manually and now my server version 1.16.0.2 works perfectly!
I run my server on Windows 10 Enterprise on a LattePanda v1 with 4GB of RAM.
It sounds like the issue was resolved for Windows Server 2016, however, the issue persists with Windows 10 even after all updates.
I am currently having the same issue on my Windows 10 machine. 😞
And Windows 10 2016 LTSB DOES meet system requirements and works perfectly after uninstalling the last 4 Windows updates and re-installing them manually from the Microsoft website.