Bootcamp to Parallels

I'm currently using Parallels 17.1.0 (Windows 10) on an Intel-based Mac running Mojave 10.14.6 on a non-APFS internal Fusion drive. I have a current backup of the computer but I'd like to convert the drive from HFS to APFS, update the OS to Monterey, and simultaneously remove Bootcamp. However, I'm concerned about possible negative consequences of removing Bootcamp re: my Parallels and Windows installs, my Windows-based applications, and the licenses for all of these. (My Windows is 100% legitimate, as are my Office and Adobe CC apps, but I hate dealing with Microsoft and Adobe "support" when it comes to resolving licensing issues.)

Background: I originally set up Bootcamp with Windows 10 but later decided that running Windows under Parallels was a better solution. I've been doing that successfully for the past couple of years although I still have Bootcamp installed.

Current Problem: I'd like to remove Bootcamp, change my internal boot drive from HFS to APFS and update to Monterey, and run Windows exclusively under Parallels.

Is there a tech note that covers this situation? Most of the ones I've read are either creating a Bootcamp partition or moving everything to an external drive. Or can you advise me on the steps to take and any potential pitfalls or things to avoid?