FWIW, the standard Windows 11 installer download will work for installing on an ARM platform like Parallels on an M1/M2 Mac. I have done it on my M1 MacBook Air. I have a few Intel apps in the VM and they seem to work fine, just don't expect to do any gaming which is pretty much true in any VM whether the machine is Intel or ARM.
Also, the standard installer does not have the Microsoft Store and the base apps but you will be prompted to download them after the install, unless updates to win11 have changed that since I installed.
One prime thing to note, any Windows device drivers for Intel machines will not work. So, if you have some device that only has drivers for Intel, you cannot use it.