Activating multiple imported VMs - proof of theory

So I just completed an experiment and did get the results I expected.

1. I created a VM in Hyper-V on an Intel laptop. I did not attach any drives to the VM.
2. I exported the VM from the laptop and imported it in Hyper-V on an AMD desktop computer.
3. Then I attached VDisks to each VM, on the laptop I installed Windows 10 Pro with the generic product key. On the desktop I installed Windows 11 with the generic product key. I signed in to both with a local account only.
4. I checked activation of both VMs and neither VM was activated.
5. I activated the Windows 11 VM on the desktop computer by entering a Windows 8 Pro product key.
6. On the Windows 10 on the laptop VM, I ran slmgr /ato (online automatic activation). It activated with no change in product key.

This logically makes sense.

CPU is not tied to the HWID. We omit that from the equation. There is also some confusing matter of time and place that spices this story up a bit.

Translate the scenario to real hardware case:
If you would explain this with actual hardware (chronologically as your steps describe) you would than need same motherboard, that holds the HWID, with a CPU in one case, where you install Windows 10 (no license, not activated) and on same motherboard you will later install Windows 11 (irrelevant, be it on different CPU). The later one gets key from Windows 8 and activates; meaning the motherboard with HWID gets the digital license. Later on you swap OS (back) to Windows 10, same motherboard so it will activate with same digital license.

Back to the VM scenario:
So both VMs have same HWID meaning it's the same 'machine'.
That can be explained by the check made by the activation server on the HWID so it propagated to the identical clone as well, this can happen instantly, a VM can change OS in an instant (swap a vdisk) while the actual hardware scenario takes longer.

I guess you could use both VMs, one at a time, for instance on different places / computers.

But the question is:
Is it legal to use them both simultaneously?
My logic guess: NO. One HWID = One Machine.

Similar to this, as well, you can perpetuate the activated status to multiple VMs.