I’ve noticed that windows can only evict data from the page cache at about 5 GB/s. I do not know if this zeros the memory or that would need to be done in the allocation path.
A couple years ago I tracked down a long pause while starting qemu on Linux to it zeroing the 100s of GB of RAM given to the VM as 1 GB huge pages.
These may or may not be big contributors to what you are seeing, depending on the VM’s RAM size.