Android Studio Emulator is not working on Windows 11 using WHPX

I have Windows 11 on my system.
The system specifiction:

• Edition: Windows 11 Home Single Language
• Update: 21H2
• Installed on: ‎06-‎07-‎2021
• OS build: 22000.65
• Experience: Windows Feature Experience Pack 421.17400.45.3

I have fresh installed Android Studio. Now I want to run the emulator without Intel HAXM as I want to run it alongside wsl2.

So in my optional feature, these two features are enabled

1. Windows HyperVisor Platform
2. Virtual Machine Platform

But while running the emulator I'm getting this error:

❯ .\emulator.exe -avd Pixel_3a_API_30emulator: Android emulator version 30.7.5.0 (build_id 7491168) (CL:N/A)handleCpuAcceleration: feature check for hvfadded library vulkan-1.dllC:\Users....\AppData\Local\Android\Sdk\emulator\qemu\windows-x86_64\qemu-system-x86_64.exe: WHPX: Failed to setup partition, hr=c0350005C:\Users....\AppData\Local\Android\Sdk\emulator\qemu\windows-x86_64\qemu-system-x86_64.exe: failed to initialize WHPX: Invalid argument

Anyone got suggestions, how to resolve this issue.