Reproduce the failure outside the browser
A browser can block the handoff even when the handler is fine. Starting the URI directly separates the browser from the protocol registration.
Start-Process 'mailto:test@example.com?subject=Test'
Get-Process | Where-Object MainWindowTitle -match 'Mail|Outlook|Thunderbird' | Select-Object Name,MainWindowTitle
Get-WinEvent -LogName Application -MaxEvents 30 | Where-Object Message -match 'mailto' | Select-Object TimeCreated,Id,Message -First 3