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You might want to try moving the Elements 2021 installation package completely inside the W11 VM on the C:\ drive. Note that the second time worked eve though I did NOT do a W11 Restart - I simply shut the app down and tried a second time. But if I quit QuickBook and try it again, it works fine. During the update operation a file system error of some kind occurs, and the install from the Portable file fails. I start with a QB Portable residing in a folder in the macOS file system and want to update the database on the W11 VM at C:\ drive (e.g., C:\Users\\QuickBooks\. For example, this can occur with QuickBooks when the goal is to install an updated database. I have found some odd behavior with file system handoffs between macOS and the W11 Virtual Machine. Assuming it is good, then I would uninstall Elements 2021, Restart the W11 Virtual Machine, and try a reinstall.
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Also, try opening a browser window and test that your Internet is active. If Creative Cloud is working you are likely getting the internet connection you expect.
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