For me, the "solution" to high CPU utilization and constantly running fans was to follow the advice here and change to these vm configuration settings:
Processors used: 1
Memory 4+ GB (4096 MB) <-- Linked thread recommends 4 GB but I have 32 GB available, so I tried with 12 GB ram setting and works fine for me. Also worked fine at 4 GB.
Adaptive hypervisor: Off
Graphics card: memory automatically.
My fans no longer constantly run (silent again even when running Visual Studio, SSMS, and other dev apps all at same time) and my windows machine is fully available within 1 minute after startup or restart, and everything works "normally." Prior to using this configuration, I used the recommended number of processors and other default/recommended settings and was frustrated that I had to wait 10+ minutes for the vm to be really usable (would take several minutes after clicking an app for it to load and become usable) and my 2019 16" MBP (2.4 GHz 8-Core Intel Core i9, 32 GB ram) fans would run full blast constantly and showed % CPU of 600%+ in Activity Monitor. I'm running Parallels Version 16.1.3 (49160).