I did some further investigation and found a bypass to the problem.
I edited the C:\Users\xxxxxxx\Local Sites\mywebsite\conf\apache\modules.conf.hbs and added the following at the bottom of the file :
<IfModule mod_fcgid.c>
FcgidMaxRequestLen 134217728
</IfModule>
Now I can add files with sizes up to 128 MB (Megabytes) in the Media Library !
It should be nice that this update be standard in a next localWP release.
I do support the feature request described in https://community.localwp.com/t/cant-upload-images/31596. It should be nice that these features implemented in a future localWP release.
Thank you for the support.