Yeah, so far the third-party hypervisor developers haven't added support for ARM on Windows. Without knowing what you're trying to run, you might want to look into Hyper-V. Windows 11 on ARM includes it for running WSL and WSA, but apparently it's possible to use it to run VMs even on ARM PCs (of course you have to use an ARM compatible OS in the VM as well).
If you have Windows 11 Pro, instructions here.
If you have Windows 11 Home, it's still possible to enable it.
Disclamer: I have Windows Home on my Pro X, but I have not tried the above. I just use WSL to run Ubuntu, and it's pretty awesome. I haven't personally had the need to do anything more complicated myself, so it really depends what you're trying to do.
Good luck!