How do I prevent my Windows VM from shutting down when pressing power button?

I have recently upgraded to the Pro version of Parallels, but one new setting is very annoying for my usage. When I press the power button on my M3 iMac to sleep the display, it now shuts down my Windows 11 VM rather than previously remaining open and running when I wake my iMac. I don't want my VM to shut down every time I sleep my iMac and I cannot find the settings to fix this issue. Anybody have any ideas?

 

You can set the time inactive before the display turns off in the (Choose Apple menu > System Settings, then click Lock Screen in the sidebar.). After that amount of time only the display turns off.

When you press the power button it makes the whole iMac sleep. Since the whole iMac is sleeping it would be impossible for Parallels (or any other program) to keep actively running.