As far as I know the Java JRE 8 is the last publicly released version of Java and it is supported. I was able to use Java 9 and 10 as an Oracle member but I didn’t have any luck with Java 11 the last I tried.
To launch Device Manager you need JAVA_HOME set to
C:\Program Files\Java\JREx.xx.xx
To Launch the Emulator Manager you need the path to include
C:\Program Files\Java\JREx.xx.xx\bin
but I think since you can launch the Emulator Manager your settings are correct.
Make sure CPU VT is on see This Thread
There are also emulator issues with AMD card if your system has that it may never work.
Ron
Samsung Developer Program