A few questions as Windows 11 updates have been causing some issues related to display for other systems, non-GameEx related. I did note that you are using Intel graphics so no Nvidia weirdness to worry about.
What MAME version are you running?
Do your MAME ROMS match your version?
When did you last update Windows 11?
Was this issue noticed before your last update?
Under "Check for Updates > Update History" can you identify what updates (KB# and date) were installed?
Not sure if this will help @Tom Speirs if he needs to intervene, but it's where I would start to triage my own issue.
I did note within noted in the log.txt file, yours shows as MAME 265 per the path observed, so you are a bit out of date. The latest official MAME release is version 0.284, which was released on December 31, 2025. You may wish to upgrade both MAME and your ROM set to the latest and test again.