How to Resolve Virtualization Features Not Working on Windows?

Question

Virtualization features appear to be enabled in BIOS, and all necessary Windows features are installed. However, attempts to use WSL result in the following error:

C:\WINDOWS\system32>wsl --install ubuntu

Ubuntu is already installed.

Launching Ubuntu...

Installing, this may take a few minutes...

WslRegisterDistribution failed with error: 0x8007023e

Error: 0x8007023e {Application Error}

The exception s (0x

Press any key to continue...

The operation completed successfully. 

Similarly, Windows Sandbox produces this error:

Error: 0x8007023e {Application Error}
The exception %s (0x

Docker, using Hyper-V in an attempt to bypass WSL being broken, returns:

running Hyper-V engine: creating Hyper-V VM: status code not OK but 500: Unhandled exception: Failed to create or configure Hyper-V VM: Sequence contains no elements..
One of the most common reasons is virtualization features not working properly, see https://docs.docker.com/desktop/troubleshoot/topics/#virtualization.

Additionally, the link is no longer active.

In Hyper-V, virtual machines are visible, but attempting to boot them results in a message indicating that no operating system was detected.