Lazarus works well on Windows 11 ARM. You can target Win32/Win64 Intel processors and use DLLs without issues - the OS handles everything through its compatibility layer.
Debugging works quite reliably, and I've found it performs better when targeting x64 rather than x86.
The main tradeoff is the performance hit from the emulation layer. Compilation times and final executable speed are noticeably slower compared to native x64 machines. My setup probably doesn't help (Mac M1 + Parallels + Win11 ARM), since I'm running virtualization on top of emulation, but even accounting for that, there's a clear speed penalty.
Native ARM64 support in FPC for Windows would be a significant improvement - eliminating the emulation overhead would likely bring both compilation and runtime performance much closer to what we see on native x64 systems.
For regular development work the current setup is perfectly usable, but be aware of the speed difference if you're doing heavy compilation or performance-critical work.
Just my experience so far!