Error when installing WSL and Ubuntu on Windows 11

I'm attempting to install Ubuntu on a Windows 11 pc (build 22621.963) using WSL, but I'm receiving the following error:

Ubuntu was installed from the Microsoft Store.

Windows Features:

• Virtual Machine Platform is ON
• Windows Hypervisor Platform is OFF
• Windows Subsystem for Linux is ON

UEFI BIOS settings:

• Virtualisation Technology - Enabled
• Hyperthreading - Enabled

I'm wondering if this is a Windows 11 problem? I have WSL working fine on a Windows 10 machine.

I tried uninstalling Ubuntu and in CMD ran:

wsl --install Ubuntu-20.14

Several minutes later I get this error:

WslRegisterDistribution failed with error: 0x80370114Error: 0x80370114 The operation could not be started because a required feature is not installed.