Just tried turning off TPM then flashing didn't find it as expected. Then did turned on but disabled same issue blocked by TPM fw policy
Installed 11 in a VMware VM (UEFI+Secure Boot enabled), it went fine without TPM and without VBS being enabled. Encrypted the machine and added a TPM from VMWare, VBS still inactive, although the TPM initialization seems to take a lot of time. If things remain like this (which might not be the case in later builds), it's mostly fine. But the essential (at this time, in this build) is that VBS is not automatically enabled. At least not for VM. Not planning to install it on my PC yet. Oh and 11 is quite fast, reboots way faster than 10 at least on VM, and seems to have no issues with HDD thrashing like 10 VMs. Somewhat promising.
Vm installs do not have any hardware check beyond available ram and disk space. There is a specific bypass in the setup process that detects virtual machines and voids out any hardware checks.
I don't necessarily mind VBS, my issue is I used devices with drivers that haven't been updated since 2013 and aren't supported if using VBS.