Interesting topic, because my experience has been exactly the same as yours despite reading posts saying that Parallels is garbage and you "can't run Windows very well." I've been working for a client these last few weeks and I need to run Windows, so I've got Parallels on my M1 MacBook Pro with 4GB RAM assigned, running the Windows 11 Insider builds.
Once activated, the updates you have to install to keep Windows active are just the usual ones managed via Windows Update, so no real hassle. I've recently installed Office and am on the Insider version of that now so I have the suite of apps including Teams all running very well indeed.
I've just installed Steam to see how that runs some games so will try that next.