On server start, the console returns the following error:

java @user_jvm_args.txt @libraries/net/minecraftforge/forge/1.18.2-40.1.31/win_args.txt
Error: Could not find or load main class @user_jvm_args.txt

I am running jre 1.8.0_321, and I am running the server from my M: drive, if that makes any difference.

You need to also get Java 17.
https://www.oracle.com/java/technologies/downloads/