how to import W11 data/apps/settings if upgrade Parallels AND do a new install of Windows 11

It's time for me to upgrade:
- I'm still on Parallels 17
- my Windows 11 insider build stopped receiving new updates many months ago

If I upgrade to Parallels 19, I guess if I import the .pvm file I'll still have a dysfunctional Windows 11 build, so need to create a New Windows 11 environment and buy a licence key from Microsoft. But then, how do I import the Data and Applications from the old Windows 11 build? Hoping there is a way to do this so don't have to spend hours manually installing and debugging each one individually.