The real problem comes from this new architecture. First, you have to install Parallels, which is quite easy. Just follow the installation guide. Then you have to install Windows 11, which is part of Parallels. So far, so good. Then you have go to the foolowing github repo https://github.com/jimm98y/MSSQLEXPRESS-M1-Install. Use the download button (Click on Code button and pick 'Download ZIP'). Extract this somewhere on your C:\ drive on the virtual machinve (Win11 VM).
The following steps might be accomplished from WindowsExplorer, but don't forget to start it as Administrator.