Mac M1 Studio Ultra & Parallels/Win 11 Pro - X Plane 12 Installation Fails

I am trying to install X-Plane 12 under Parallels latest version / Win 11 Pro on my Mac M1 Studio Ultra.

Installation fails with the following error message:

0:00:00.000 E/GFX: GFX bridge doesn't support required extension GL_EXT_memory_object
0:00:00.000 E/GFX: GFX bridge doesn't support required extension GL_EXT_semaphore
0:00:00.000 E/GFX: GFX bridge doesn't support required extension GL_EXT_memory_object_win32
0:00:00.000 E/GFX: GFX bridge doesn't support required extension GL_EXT_semaphore_win32
0:00:00.000 E/GFX: Failed to initialize Vulkan
0:00:00.000 E/GFX: Vulkan layer reported: An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
0:00:00.000 E/SYS: MACIBM_alert: X-Plane failed to initialize Vulkan and can't run.
0:00:00.000 E/SYS: MACIBM_alert: An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
An extension required to run the OpenGL bridge is not supported on Parallels using Apple M1 Ultra (Compat)
0:00:00.000 E/SYS: MACIBM_alert: See the Log.txt file for detailed error information.
0:00:00.000 E/SYS: MACIBM_alert: