The first thing I try when troubleshooting the scheduled task is to try it at the command prompt. For my site I run the command prompt as administrator and try:
C:\>"C:\Program Files\PHP\7.2.32\php.exe" C:\Inetpub\test_site\moodle\admin\cli\cron.php
If this works with no errors then I set up the scheduled task. The steps you describe sound correct but here are the settings from my Windows Server 2016 system:
Run as NT AUTHORITY\SYSTEM, select Run with highest privileges.
Use php.exe at the command line but use php-win.exe here because there'll be nowhere to send the output.
If it's working correctly you should see the last run result of 0x0:
I've never encountered that 0x800710E0 error. If it's working for you on Windows Server 2012 and for me on 2016, maybe it's a Windows Server 2019 issue but I've no evidence for that. Maybe running the command via a batch file will help troubleshoot this (you can run php.exe and redirect the output to a log file).