Parallels Desktop is too expensive, VMWare Fusion can be used as an alternative.
Download ARM Windows11
https://www.microsoft.com/en-us/windowsinsider/register
Download VMWare Fusion
https://www.vmware.com/products/desktop-hypervisor/workstation-and-fusion
https://support.broadcom.com/group/ecx/productdownloads?subfamily=VMware%20Fusion
Change extension .VHDX TO .VMDK
brew install qemu
qemu-img convert -O vmdk Windows11_InsiderPreview_Client_ARM64_en-us_27718.VHDX Windows11_InsiderPreview_Client_ARM64_en-us_27718.VMDK -pInstall Windows on VMware Fusion
Active Windows 11
Activate Windows11 using Microsoft-Activation-Scripts script.
irm https://massgrave.dev/get | iex
