Thank you Vinod!
In my case, it did not work when I toggled it. However, I had previously been using a PIN with windows before I activated the TPM. This made me think that maybe my current PIN/passport were not the hardware-generated key from the TPM, since I had not set a new PIN since I activated the TPM on my bios.
So, I removed my existing Windows PIN/Hello, created a new PIN, then toggled the setting in Enpass. Worked like a champ!
Appreciate your quick response and help. Now it's working perfectly.