Virtual network hardware changes are not reflected on KVM guests

Steps as follows:

1. Create a new Windows 10 KVM guest with the regular Intel NIC (default) with one IP.
2. Install as usual.
3. From the guest's Cloudmin page, navigate to System Configuration -> Network Interfaces
4. Select the first IP, and change the Network Device Model to anything else - I used VirtIO.
5. Save
6. Reboot the guest

What happened: The guest still has the default Intel NIC as shown from the network interfaces list inside the guest OS.

What should have happened: The guest should now have the selected device model.