FYI, "dd" has never ever been able to make a bootable USB stick for a Windows ISO installer. While there are some manual options involving the use of the command line, I was not able to successfully make them work (no idea why, I'm usually pretty good at such things).
You can install the Windows ARM version into a Parallels' Virtual Machine (paid app) where you can use Rufus or select the download option on Microsoft's website which I think will automatically create the bootable Windows USB installer for you as it downloads the installer instead of the ISO image.
Or just use a Windows PC to create a bootable Windows USB installer.
The only third party app I know which can create a bootable Windows USB installer from a Windows ISO image file is the Windows only app Rufus....maybe you can get Rufus to run on a Mac by using Codeweavers' CrossoverMac. I've seen some reports that it may work, but many more reports saying Rufus won't work using WINE/CrossoverMac.
Unetbootin says it can make a bootable Windows USB installer, but I don't know if that is only for the Windows version or if it can be done with the Mac version. I've never tried either app to create a bootable Windows USB installer, although I have used Unetbootin for creating bootable Linux USB installer (I no longer use it because it tends to modify the installer).
Ignore any suggestions to use "dd", or Etcher, or most other third party apps. Most of the replies on this thread (and this forum in general) tend to be take from AI hallucinations. @Servant of Cats so far is the only one who is asking the correct questions and also will post factual information (in addition my post ;-) At least I have clearly marked several of my suggestions as questionable and only provided them as possible options requiring more research & experimentation on your part).
Good luck and report back if you find a successful solution.