With the exception of getting Parallels Shared Printer functionality to work, I find that the Windows 11 ARM OS running under Parallels 17.0.1 is very fast, and very stable. I can run Microsoft Visio and Project without any issues, along with the Windows version of QuickBooks Premier.
I agree completely with Kundanno above that Widows 11 ARM will eventually be released for M1 Macs. This product basically works today, and Microsoft has found itself in a position where it may significantly benefit from on all ARM hardware. After all, Microsoft is primarily a SW company and the relationship with Intel has always be one of convenience. When Intel was the best chip on the block, Windows ran on that. Now that licensed ARM chips are faster and better (including the M1 chip) I see no reason why they wouldn't want to be the OS of choice for ARM.
Of course, this is all my humble opinion, and time will tell...