Another alternative is to use the free VirtualBox virtual machine with a VirtualBox Windows guest stored on an external fast SSD. Then you can run Windows full screen concurrent with Monterey. I ran VirtualBox for years with Windows 10 like this. Then I purchased a 2020 27-in iMac with 1TB internal flash drive, and increased the RAM to 40 GB.
My RAM purchase (in 2022) from macsales had Parallel's Desktop Pro as part of the bundle and I found Parallel's guest features made VirtualBox look like a toy, and I now have all of my Parallel's guests (Ubuntu, Big Sur, Mojave, Windows 11 Pro) configured on an external Crucial X8 SSD (1050 MB/s) connected to my Thunderbolt 3 port on the iMac. I usually assign 8 threads (cpus) and 16 GB RAM to each guest. Parallels Desktop Pro annual subscription runs me $120USD.
If your iMac only has 8 GB RAM, then a Virtual Machine approach would not be advised.