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Check the bug parade. I'm pretty sure it's a known bug that doesn't seem to be considered crucial. I wonder how Oracle made that decision??
Oracle has made several questionable decisions since they took over the reins, I think. :)
Anyway, I found a sorta-workaround: By editing $HOME/AppData/LocalLow/Sun/Java/Deployment/deployment.properties I was able to add the VM arguments and the control panel decided it would keep them when I loaded up the control panel.