I don't know about Win10, but the default Win7 media player is still a steaming pile of poo. Can't play many formats, stupid and uncustomizable keyboard shortcuts, occasionally decides to display some videos as audio+visualization instead, insists on trying to default you to the worst possible settings after every update.
If I want to have advanced settings for various things (mainly a/v decoders), I would choose carefully, but to "just work" I would say almost all actively developed media players can do that fine.