Filing as 10.11v1- critical as previously discussed, to make it show up on the list for consideration. Please feel free to downgrade or close as "won't fix".
For a table with visible versioning columns, setting system_versioning_insert_history variable changes the behavior of inserting default values (restricts it).
Both INSERTs with system_versioning_insert_history=off work, with a values inserted according to the auto-increment or explicit values, s to the current time, and e to the max timestamp.
The third INSERT, first with system_versioning_insert_history=on also works, the same way.
But the last INSERT fails:
There seems to be no good reason for this.