It depends where you look. Both my Intel and M1 Macs last updated with 2025-01 Cumulative Update Preview for Windows 11 Version 24H2 (KB5050094) last week.
On both of them, if I look in Settings, About, Windows Specifications, I see Windows 11 Pro Version 24H2. There again, on the ARM version, if I look at the top of Windows Update, Update History, I see Feature Updates Windows 11, version 23H2, installed last summer, with 24H2 first appearing under Quality Updates as 2024-09 Cumulative Update Preview for Windows 11 Version 24H2 for arm64-based Systems (KB5043178), installed in the autumn. On the Intel machine, I see under Feature Updates, Windows 11, version 24H2 Successfully installed on 09/10/2024 and Windows 11, version 23H2 Successfully installed on 26/08/2024. It is a minor curiosity but, so long as they both continue to update regularly, I am not inclined to bother about the difference.