Upgrading from intel to apple silicon

I'm likely going to be upgrading from my ancient 2017 MBP (intel) to either and m4 or m5 Mac or MacBook of some sort.

I have a Windows 11 virtual machine, which is licensed using an old Windows Home Retail license (actually, it is a Win10 license used on Win11).

Will this Windows Home license still work for a Win11 Parallels VM? It seems I'll need to be using Win11 on ARM rather than Win11. Is this true? Will the Home license still work?

I ask, because the Parallels docs I've read talk about using Win11 on ARM needing Pro/Enterprise licenses.

Thanks for any help.
 
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