Steps I went through to install a Windows Insider Preview VHDX on a Macbook Pro using UTM. I needed Windows because I was developing an app to submit to the Microsoft Store. With the following setup I was able to develop an electron-based app and submit it to the Microsoft Store.
- Download the VHDX from Windows Insider Previews.  You need to register for the Insider Program and sign in.
- under 
Select editionselect the Canary channel and press Confirm - select language and confirm
 - press Download
 
 - under 
 - Open UTM and press + to create a new virtual machine
- Virtualize
 - Windows
 - select the VHDX checkbox and provide the path
 - accept all other defaults
 - (optional) tick OpenVM in order to move the VM to an external drive
- after settings are saved and you are returned to setup, use the move icon on the window bar to move your VM to an external drive
 
 - (optional) change the default name and add a description
 - (optional) increase the drive size from 64 GB to a larger size
 
 - Click the play button to start the VM
- the BIOS screen will appear, at the prompt press any key to set up Windows from the VHDX
 - once Windows setup starts open a terminal to install the spice tools because the setup procedure requires internet
- Shift + Fn + F10 to get terminal
 dir D:to check if the spice tools are mounted on the D: drive; if they are not trydir E:etc- install the spice tools: 
D: [spice tools exe]and reboot - continue setting up Windows
 
 - if a restart is required, do not press a key at the BIOS prompt or setup will start over
 - if you are asked whether to allow Microsoft access to diagnostics etc answer yes to all these - this is the whole point of making previews publicly available and your Windows might not run optimally if you do not cooperate with this
 
 - In Windows Settings make the following changes
- turn on Developer mode (under Privacy and Security)
 - link your Windows Insider account (under Windows Update - Windows Insider Program)
 - check time, date and region are set and synced (under Time and Language)
 - (optional) set to never turn off (under System - Power)
 
 - Edit the registry to bypass secure boot and TPM checks and to tell Windows you are using the Canary channel1
- search for 
regeditand run it as administrator - add a new key 
Computer\HKEY_LOCAL_MACHINE\SYSTEM\Setup\LabConfig- do this by right-clicking 
SetupinComputer\HKEY_LOCAL_MACHINE\SYSTEM\Setup, then selectNewthenKeyand createLabConfig 
 - do this by right-clicking 
 - to this add new DWORDs (32-bit)
BypassSecureBootCheck(set to 1)BypassTPMCheck(set to 1)- do this by first selecting 
LabConfigin the left-hand pane then right-click in an empty part of right-hand pane to add the DWORDs - right-click on each new DWORD and modify its value from 0 to 1
 
- do this by first selecting 
 
 - in 
Computer\HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\WindowsSelfHost\Applicability- set 
BranchNametoCanaryChannel 
 - set 
 - in 
Computer\HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\WindowsSelfHost\UI\Selection- set 
UIBranchtoCanaryChannel 
 - set 
 - in comments below see my comment about Microsoft renaming 25000 builds to Canary Channel.  If you downloaded a build in the 25000 series and have problems if you set the branch name to 
Devtry setting it toCanaryChannel 
 - search for 
 - If you later need to update Windows 11 using Windows Update and this fails because TPM and secure boot are missing:
- copy this script
 - paste it into Notebook and save it, say, as skip_tpm_check.cmd
 - run it (eg right-click on it and run as administrator)
 - Windows Update should work
 
 - After any update to Windows 11 itself it is necessary to:
- run spice tools again to restore proper screen resolution:
- in file explorer in Windows 11 spice tools should show as being mounted as a CD Drive (unless you have unmounted it)
 - double click 
spice-guest-tools-0.164.exe - once it has made changes, click restart
 
 - check the registry changes have persisted, otherwise redo them
 
 - run spice tools again to restore proper screen resolution:
 
At this point you should have a working Windows 11 VM.
Note that Windows 11 on ARM64 can run X64 apps. To setup a developer environment I used a mixture of arm-based apps where these were available (eg VSCode and Visual Studio) and x64 apps where there was not an official ARM64 version.
Footnotes
- 
Useful sources for these changes are Toms Hardware, Winaero and Microsoft Techcommunity ↩
 
Had problems installing Windows Update Windows 11 build 25309. Working through steps 5 and 6 again seemed to fix it. Once installed had to perform step 7. Now all good.