When I attempt to render the (3 minute) video - I have tried a bunch of differing formats - the system hangs and untimately crashes. I am on Win 11 and using Vegas Pro 19 (latest update)
One workaround that I use for "Render as" crashes is to start a new, blank project, drop any piece of media on the timeline (I usually use a piece of generated media from the generated media tab), then click "render as". This should successfully open the render as dialog. Close it now. Now open your project that you were trying to render, and click render as again. It should open the render as dialog successfully.