When trying to change a VM Hard Disk Storage Policy, while the VM is powered on, you see the following error:
Storage policy change failure: This virtual disk requires a feature not supported by this program
ESXi 8.0 and later
This is expected behavior when the VM Hard Disk is set to 'Multi-Writer':
When a VM has a 'Multi-Writer' disk, you are unable to change to VM hard disk storage policy while the VM is powered on.
If the VM hard disk storage policy is changed on one VM, and not the other VM that is sharing this hard disk, then there is a potential danger of data corruption.
As a result, this behavior is expected and act as a safe guard to avoid any data corruption.