Unable to connect USB Drive to guest macOS VM

Every time I plug in a USB Drive and I select it to be used with my running macOS VM (w/latest OS v15.1.1), I get the following error and I'm never to use the USB drive in the guest VM:
Command cannot be executed.
Executing this command is not supported in macOS VMs on Macs with M-series chips.


I'm using Parallels Desktop 20 for Mac (v20.1.2).

When would this be fixed/supported? It's critically important for my use case. Thank you in advance for any details.