Parallels does not start, reinstall does not help

Parallels Desktop is not starting anymore. The "Parallels Desktop Starting..." window is visible for a minute before it disappears, but nothing else happens and the app quits or crashes by itself. I've tried to reboot the computer and completely delete (via bin) & reinstall the app (via direct dmg download), with no help.

The VM is Win 11 arm with latest updates. The last time I used it was maybe a week ago. I also updated to Sonoma 14.1.2 this morning, for what it's worth. Does anyone know what I should try next?