The latest Chrome/Edge 136 now support H265 in WebRTC. However, this requires hardware decoder/encoder to make it work. M1/M4 MacBooks do have such encoder/decoder and it works fine on Mac OS. Unfortunately, it looks like the Windows 11 guest running in Parallels does not have access to the HW...
I noticed that video playback on YouTube is not very smooth and seems to use a lot of CPU. I assume that means no accelerated video decoding, is that something that is in the roadmap?