Cannot connect to data sources using ARM compatible Excel.

I recently switch to an M2Pro chipped Mac running Parallels. Everything is lightning quick. I have run into one limitation in Excel. It is unable to connect to data sources, refresh data, or connect to a database. It just produces an error that reads:  "The operating system is not presently configured to run this application." Is there anything that I'm missing, such as a plugin, or is this feature undeveloped at this time?