Unfortunately.
I'd sure like a way to run it too. I'd have no problem paying for a license if they'd just sell it to me! I cancelled my order for a new M1 MBP Max because I can't do work with it without Windows. (and $3099 is too much to pay for something that I can't use for work!)
Why they have the EULA like the way they do I can't make much of a guess, but it might be to appease those they're trying to get to make ARM machines running Windows. Since the market is so small, that could be a reason.
That one is actually easy to answer, it uses the same logic as their normal Windows 11, including valid key calculations. They took a shortcut basically. The processor is only taken into account if you don't have a valid key, or the hardware changed dramatically -- not from first install.
If you're working for someone else, yeah, that would be my advice, as a license violation can be costly for businesses, but for personal stuff, I have no advice. I don't think Microsoft would kill it later, nor would they go after individuals, but given my working situation, there's no way I could recommend it.
As of now, the only way to be license compliant with Windows on Arm, is to buy a device that already has it installed, and only use it on that device. That is my understanding of the EULA.
It's a little gray, but the insider preview is a way around that, but you have to stay compliant with that program, and that means lots of updates. I haven't seen an analysis if insider preview builds would be business licensing compliant though, so I can't comment on that. I use my Visual Studio licensing for x86 versions running in VM's at work, and that's only good for testing and development, not production.