I have the same problem
Windows Defender\Platform\4.18.2009.7-0\MsMpEng.exe
October 2020
Doesn't Microsoft have a testing team??
Fix it!!
Unfortunately, MS is not doing anything to fix this, I have seen the same issue with Insider build 20236.1005.
The only way around for me now is by adding the external device or devices on the exclusion list for windows defender.
Assuming the device assigned letter(s) are the same each time you plug in the external device.
You would think that Windows system could release the device from defender when it needs to be ejected, but with recent changes it does not, it is really silly !😜
I also tried including the disk folder (E:) as you suggested, but still, Windows did not allow me to eject the hard disk. The only solution I have for this is to restart the laptop, but that is not a solution. Moreover, I am concern about what could happen with the data in the hard disk, as although I restart the computer I still have doubts if some data might be corrupted.