I have spent a solid 12 hours sorting things after migrating from an Intel Mac running Catalina to an M1 Mac running Monterey. Even though Monterey required Parallels to reinstall compatible code, Parallels was unable to update or use my Windows 10 pvm, nor could it succeed in installing from an .iso or .dmg file. I eventually gave up on Parallels and, using the Monterey installer, successfully installed Word, Excel, and Powerpoint for Mac from a Microsoft 365 dmg. BTW I was impressed with the Mac versions, which seem to have caught up to their Mac counterparts a few years ago.
Even so, I fiddled a bit more with Parallels in hopes of getting MS Access too, and eventually somehow got Parallels to build a working VM for me. (I'm not sure what I did differently.) Unfortunately Access is not included in this version of Win 11 (if any). All I got for my troubles was a no-Access version of office that defies every published method I found to unlink OneDrive. Instead, it insists on downloading every file from the Microsoft Cloud into a browser, åand running it from within the browser. These browser embedded versions do look like Windows 10 versions that run within the Parallels VM.
I hate to say this, but as it stands now, and given my narrow focus on a few Microsoft productivity apps, I'm not sure where Parallels fits in this picture for me.