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Follow the excellent gist here, up to and including step 7 : https://gist.github.com/niw/e4313b9c14e968764a52375da41b4278
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I converted my VHDX to qcow2 - I doubt if that's significant, but YMMV:
./qemu-img convert -p -O qcow2 ~/Windows11_InsiderPreview_Client_ARM64_en-us__22454-orig.VHDX Windows11.img
- Run qemu with a slightly modified command-line. It may not be the most efficient, but it worked for me: