Be aware that on an M1 Mac with Parallels you can only install Widows 10 ARM Developers Preview or Widows 11 ARM Developers Preview, the legality of which is also debatable (VMWare will not allow ARM based Widows installs in their upcoming release due to this questionable legality issue). With that said, the two releases are essentially Betas and not recommended for critical use. In addition, only ARM64 versions of apps will run directly.
Best solution, if you need Windows, buy an Intel Mac or a Windows machine.