While I can do this with the hypervisor running, the result is that Virtual PC / Virtual Server run quite slowly. An easy fix for this is to create a second boot entry for my system that starts Windows without starting the hypervisor.
To do this you need to open an administrative PowerShell and run:
bcdedit /copy "{current}" /d "Windows 11 - no Hyper-V"
This copies your currently active boot entry (assuming that this is the one you want to copy) and gives the new copy an appropriate description.
bcdedit /set "{identifier for the new boot entry (copy from the output of a plain 'bcdedit' command) }" hypervisorlaunchtype off
After doing this you can choose whether the hypervisor gets loaded whenever you boot the system.