It's not showing the overlay of all windows and ALT+TAB only cycles in one direction, not alternating between most recently used windows. I can use it in the same way if I use ALT+TAB then ALT+SHIFT+TAB, but I need to remember which window is the regular and which is the SHIFT window.

I'm not sure if the multitasking settings will help, I've looked there and tinkered with the options and nothing has made a difference. The only thing I use multitasking for is turning off that annoying feature where Edge tabs come up in your ALT+TAB options