I have the same problem. I use Alcohol 52% 2.0.3 (Built 11012) under Windows 10 64bit. It used to work fine, but it has stopped working some weeks ago and now it cannot create any virtual drive.
I select "one" as "Number of Virtual Drives", a windows pops up saying "Applying the Alcohol virtual device settings. Please wait... ", after a few seconds it disappears but the virtual drives hasn't been created.
In Windows, if I check in Windows Settings/Update and Security/View update history I can see that I have the mentioned update KB4467702 installed (Successfully installed on 23/11/2018).
I tried to uninstall it by selecting "Uninstall updates" (which brings up Control Panel/Programs/Programs and Features/Installed Updates but this update KB4467702 is not listed as an installed update, so I cannot remove it from here.
I tried to type at the command prompt wusa /uninstall /kb:4467702 but I get a window saying that "The update KB4467702 is not installed on this computer".
I've also tried to install/reinstall alcohol as well as the SPTD2 drivers for Windows 10, but to no avail... Any hint?