You can run Windows 7 indefinitely without a license, too.
You get a nag every now and then, and the desktop background keeps resetting to black. Can't remember if there's a watermark as well (10 has a watermark).
I had myself a hearty laugh recently when I was in Vegas and the casino elevator wall screen panels had the ACTIVATE WINDOWS banner overlaid on the videos.
I don't know if this is changed with Window 11 but 10 and earlier let you go a while between installation and entering a license key, at least for the consumer editions, so licensing should not be a problem.
The big issue with a VM approach in this specific case was that this was before Macs switched to Intel processors. My Mac was had PowerPC.
A VM might have worked on my Linux machine, although my recollection is that back then (early 2000s) VM passthrough was not very sophisticated. I remember trying Windows VMs for a few firmware things that involved proprietary vendor commands and finding that it was hit and miss.
Ref: https://www.howtogeek.com/244678/you-dont-need-a-product-key...