On an M1 iMac, Windows 11 is running through virtualization, so I would check two things first: USB assignment and the FTDI driver.
With Windows running, unplug and reconnect the FTDI adapter. If your VM asks where to connect it, choose Windows, not Mac. In Parallels, also check the USB device menu and make sure the adapter is connected to the Windows VM.
In Windows, open Device Manager. If the adapter appears under Ports (COM & LPT), note the COM number and select that same port in the radio programming software.
Because this is Windows 11 on Apple silicon, regular Intel Windows drivers may not be enough. FTDI notes that its standard Windows driver installer is not available for ARM64, so use an FTDI driver package that supports Windows on ARM64 if your adapter requires one.
FTDI drivers:
https://ftdichip.com/drivers/vcp-drivers/
Parallels USB help:
https://kb.parallels.com/en/111725