The post from 2019 kind of left things hanging so I joined to offer a solution.
I created a Hyper V with both an internal and external Network Adapter because I sometimes cannot connect windbg with one or the other.
The host IP I use in bcdedit /dbgsettings is my external ip. Since this changes every once and a while I use the 50xxx for my port. The xxx is the last three of my external ip as this helps me remember/see that my ip has been changed and needs to be updated on the target.
The host can ping the target’s internal ip, but the target cannot ping the host. This doesn’t matter as windbg is Busy and the Debuggee is running …
Further, there is a delay. It’s necessary sometimes to wait for something to time out or reset. For example, I couldn’t connect. Changed a few things. Gave up. Tried to connect later and Hyper V froze. I checked my windbg and was surprised to see that it was not only connected, but it was blocking the start of the virtual because of the debug/break I had issued previously.
Hopefully this will help someone – possibly me as kernel debugging for me is an occasional task and when I get back to it I need to review and sometimes reconnect.