M5 and version 19

Hello all,
I'm trying to install Windows 11 for a Macbook Pro with M5 chip using Parallels Desktop 19 and I'm getting an error "Virtual Machine Can't be initialized". It happens both if I manually download Windows 11 form Microsoft or I allow Parallels to download a Windows 11 version. I'm in the latest OSX, Tahoe.

Is it a problem with this old Parallels version? Is it other issue?

Thank you in advance!