Does Windows 10 hibernation require the swap file to be on the system partition?

Hibernation works fine on my Windows 10 laptop, if pagefile.sys is on the system partition. If I instead move it to a dedicated partition, the laptop hangs during resuming with the Windows logo on the screen; the spinner under it never shows up.

I have two SSDs and an NVMe in my laptop. My system partition is mirrored between the SSDs. I just added the NVMe. My intent was to use the NVMe as a dedicated swap drive. Unfortunately, resume no longer works. I tested creating dedicated partitions on the SSDs for the swap file and resume doesn’t work with it there either. Resume works fine once I moved it back to the system partition.

I have fast startup disabled, and I tried disabling and reenabling hibernate.

Is this a Windows limitation or am I running into some other problem?