Questions About Knowledge Base Article 125344

I use an Intel iMac at my small business. (iMac17,1, Quad-Core Intel Core i7, 4 GHz, 24GB, 3TB, macOS 12.7.6)

I run Parallels 20.4.1 and Windows 11 on this iMac. I run Sage 50 Accounting 2026 in Parallels / Windows 11.

I intend to purchase a new Mac Studio M5 Max to replace this Intel Mac. I will purchase a Windows 11 Arm license for this installation.

I read the Parallels Knowledge Base article at https://kb.parallels.com/en/125344 (Transfer data from an Intel-based VM to an ARM-based VM (For Windows x86 VM)). I have questions concerning these procedures.

1: I attempted to perform the second step (as a dry run).
"2. Right-click the virtual machine > select Show Hard Disk Contents..."
The Control Center Windows 11 virtual machine drop down menu does not display the entry "Show Hard Disk Contents..."
I attempted this with the VM running, suspended, not running.
The drop down menu does not display this entry, in all three situations.
Have I made a mistake?

2: Does Parallels provide an automated tool that will transfer the following from the existing x86 VM to the new Arm VM:

a: User installed applications.
Sage 50 installs files at the:
C: root
C:>Program Files (x86) folder
C:>Program Files (x86)>Common Files folder

b: User created files/documents.

c: Windows settings.
Desktop picture
Icons on the Desktop
Taskbar configuration settings
Various settings in Settings such as date/time/power/personalization, et cetera

Thank you for any and all assistance.