XP VM on Apple M2 w/Windows 11 & Parallels 26

I have a old XP VM that I need to run an app on.
I'm currently running a MBP with Sonoma, and I have a fully patched instance of Windows 11 installed that works fine with an older version of Parallels Desktop.

If I install Tahoe and Parallels Desktop 26, will my old XP VM be able to run properly?
If it won't run, are there other workarounds available to me - aside from reversion back to the Stone Age?

Thanks