Interesting! I tried to install the Windows 11 ARM preview with it (https://www.microsoft.com/en-us/software-download/windowsins...) but no luck. Do you have a working config with Win11?
qemu-system-aarch64 -M virt,accel=hvf -smp cores=2 -m 4G -cpu host -bios ../QEMU_EFI.fd -device ramfb -device nec-usb-xhci -device usb-kbd -device usb-tablet -drive if=none,file=Windows.vhdx,id=windows -device nvme,serial=1234,drive=windows