I just went to install it and there is a TOS agreement before you can download and install. Somewhere in the upper half it is telling us things like you can't use certain Office products for commercial use unless you specifically purchased a commercial license and around that same area it seems to suggest that you cannot use this OS version for a server. To me it seemed to indicate even on your own local network.
There was a lot of 'legalize' in there and pointedly obfuscated IMO....seems dodgy.
Ah, OK.
It has probably said something like this this forever.
But, from here:
https://www.microsoft.com/en-us/UseTerms/Retail/Windows/11/UseTerms_Retail_Windows_11_English.htm
2. c. (v)
Restrictions.
" ...this license does not give you any right to ..."
" use the software as server softwareor to operate the device as a server,
except as permitted under Section 2(d)(iii) below; use the software to offer commercial hosting services; make the software available for simultaneous use by more than one user over a network, except as permitted under Section 2(d)(vi) below;install the software on a server for remote access or use over a network; or install the software on a device for use only by remote users; "
(the referenced section)
2. d. (iii)
"
Device connections. You may allow up to 20 other devices to access the software installed on the licensed device solely to use the following software features for personal or internal purposes: file services, print services, Internet information services, and Internet connection sharing and telephony services on the licensed device. You may allow any number of devices to access the software on the licensed device to synchronize data between devices. "