The only difference we seem to have is that i am using a MAME nonag emulator, you are using official MAME.
Also you use Arcade, i use MAME as platform name. Also running on Windows 10 Pro 64bit (version 1803)
PS, I have Just installing a fresh Launchbox, setup Arcade with full MAME set option using MAME 0.210 FULL SET + CHDS and emulator still won't load (all anti virus etc off)
This works completely fine on my setup, using Hyperspin or RocketLauncher, or MAME emulator itself, just not Launchbox or Bigbox
Tested with RetroArch and it loads perfectly on this setup, just NOT MAME emulators, any of them nonag or official.