This is actually the setup I’ve been using (started with Fedora 35 + Windows 10 and have since updated each to Fedora 36 + Windows 11) and it works well. I haven’t tried installing Win 11 directly onto the expansion card (I did Windows 10 and then a few months later upgraded it to Windows 11), but I’m assuming the process should be pretty similar.
The main issue is that you need to somewhat “manually” install windows onto the expansion card via the command prompt as the graphical installer doesn’t want to do it. I based my installation off of this guide at the time and had a pretty good time.
If you follow the guide as is, I’m pretty sure you’ll end up with Windows 10/11 Home Edition. If you want Pro or some other edition, this worked for me. The setup isn’t always 100% rock stable (fairly rare blue screens, but they are more frequent than if windows was installed internally in my experience), but it is certainly very usable. The biggest issue is usually if you have heavy, sustained read/write loads that cause the expansion card to throttle. Sometimes, the performance drops and the system gets a bit laggy in those scenarios, but again, it’s very usable imo.