Long semi-sad story follows. 🙂
I was doing a lot of testing with Windows 11 ARM in VMware (also Parallels and VirtualBox), in the attempt to get the dongle protected ProfileMaker 5 running. In all cases, the now ancient Intel apps ran in Win 11 ARM just fine. But in none of the virtual machines could I get the OS to recognize the dongle. And without it, the PM5 apps run in demo mode.
This worked without any issue at all with Windows 10 or 11 Intel on a 2018 Intel mini, even though I had to use a much older dongle driver in the VM than the one that's supposed to be for Win 10 or 11.
There is a macOS driver that works as expected, but it only activates i1Profiler in macOS. The Mac version of PM5 dead ended in Snow Leopard, so it's impossible to run in any newer macOS as it's PPC software. And while you can tell Windows to connect to the recognized dongle in the VM, the Intel version of PM5 running in the VM still doesn't see it. None of the drivers I can download, older or the latest, work in the VM.
Thales is now the owner of the driver software. It's changed hands a few times over the years. And these people are really annoying. When you open the HTML 'readme' file, it states the latest drivers for Windows 11 ARM 24H2 is supported. Okay, so why does it still not work? It isn't until you dig deeper you find the support is different within a VM:

Gee, thanks a lot! A Sentinel HL dongle is what I have. Any particular reason to exclude these older HASP keys? And only when it's in a VM?
So I went to UTM. Window 7 64 bit worked, but was slower than a drunken snail, and I had to uninstall the Mac HASP driver before the guest OS could connect to the dongle. Installing and uninstalling the Mac driver got old really fast when you need to keep switching between i1Profiler and the PM5 Profile Editor.
In the end, I found instructions for dumping the dongle data so Windows XP and PM5 thinks the dongle exists, but runs without any actual Windows drivers installed. Yes, this would probably be considered illegal, but I still have and own the dongle, so it's not like I've stolen anything I don't already legally own. Now I can have i1Profiler in macOS and PM5 in Win XP running at the same time. And being a comparatively small footprint OS, Win XP actually runs pretty well in UTM.