Offering this comment as an FYI...
I was able to get PowerBuilder 2022 R2 BETA to run in Windows 11 Parallels VM on a MacBook Pro with an M2 chip. To accomplish this, I had to set the "Platform" dropdown in the "PowerBar1" toolbar to "x64"...something I have never had to do in the past.
I accidentally stumbled on this while attempting to debug why Kernel32.dll calls would not work. When the "Platform" dropdown is set to "x86" my application was behaving as though it didn't know how to find Kernel32.dll...but, code with calls to that DLL's functions would compile just fine. In my case, once I changed the "Platform" setting to "x64" all of that started working just fine (see my WARNING below).
The PowerBuilder IDE (generally speaking) appears to have few issues running in Windows 11 ARM. The "about" dialog doesn't work but that is the only feature I found that doesn't work.
I compile my applications using Ecrane's PowerGen...and that appears to work just fine in Windows 11 ARM.
WARNING: I found 32-bit DLLs called by the application likely will not work. In my case, a specific DLL is FUNCky32.dll...but, I was able to eliminate a call to that DLL by using PFC functionality. I suspect I'll find other DLLs that will be a problem because they may not have a 64-bit version.
Another Option that Worked for Me...
Because my initial attempt to get my PowerBuilder application to run in Windows 11 ARM failed, I explored other options. One that worked for me (although performance is noticeably slower) is creating a VM in an application called UTM. I created a VM using the Windows 10 x64 ISO and through trial and error determined how to configure the hardware emulation in that VM to enable PowerBuilder (and my application) to work.
As a developer this is an acceptable option because when we make builds we use a "build" machine (which is an Intel-based Windows 2016 server).