Unable to fetch data (Incorrect function.)

Symptoms

Macs can't start NetBoot or can not download images during OSD Task Sequences (when using USB Boot):

pmm_tswizard.log has these errors:
12-09 18:14:56.225 I /TsProcessors:428:307/ Searching macOS image
12-09 18:14:56.236 I /TsProcessors:428:307/ Listening on local port 6362512-09 18:15:05.249 D /TsExecutor:428:307/ Step 'Apply OS X Image' failed (Cannot find image)
12-09 18:15:05.250 D /TsExecutor:428:307/ Child step 'Apply OS X Image' failed

pmm_netboot_service.log contains these errors:
12-09 10:18:49.699 I /NetBootServer_IpcServer:3352:1560/ Connected
12-09 10:19:08.668 I /NetBootServer_IpcServer:3352:1560/ Read failed 109 'The pipe has been ended'
12-09 10:19:08.684 D /NetBootServer_IpcServer:3352:1560/ Stream is open. Close it.
12-09 10:20:07.651 D /PmaUtils:3352:6458/ 2 The system cannot find the file specified
12-09 10:20:07.808 I /pma_netboot_service:3352:6458/ Unable to fetch data (Incorrect function.).

When you try to reconfigure NetBoot component, you get the error "Windows Deployment Services must be installed and started":

However, the Windows Deployment Services role is installed indeed:

Cause

Windows Deployment Services Server service is not running and terminates unexpectedly if you start it manually.

Event Viewer has Event with ID 7031 in System log:

Resolution

Please make sure that Windows Deployment Services Server service is operating normally as it is required for the Parallels Mac Management NetBoot component. Once you fix it, please reconfigure PMM NetBoot once again.