upgrade from Big Sur to new OS Monterey on 2017 Macbook Pro

LesB1

Bit poster
Will I be able to upgrade from Big Sur 11.6 to Mac OS Monterey on a 2017 Macbook Pro 3.1 GHz Dual-Core Intel Core i5 (no M1 chip), running Parallels Desktop 15 and Windows 8.1?

Don't need high speed or fancy graphics, just want to do the usual basic stuff.
I read somewhere that OS Monterey will require Windows 10 and Parallels 17.
I believe the article also mentioned potential loss of some older apps and possibly some data if both installations are done.
Can anyone please confirm or offer some advice?
 
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