Parallels 16 for Mac installation problems

I have a parallels subscription and have downloaded the beta parallels 16 for mac file. I have also downloaded the windows insider VHDX file (+/- 8mb) via the windows link.

Each time i try to run and install parallels it will not find the VHDX file. When i drop it in manually is says it can not find a version of the windows operating file.

What am I missing? I thought the VHDX file download was the ARM version of windows?