There are several points:
1.) In case you use PCI passthrough it will always use the full RAM because of DMA.
2.) You didn't installed or configured the qemu guest agent and virtio drivers (see here) so Win won't report the RAM usage to PVE and PVE will just show how much RAM the KVM process is using that virtualizes your Win11 VM. Most likely your VM is indeed using 95% of the physical RAM (and this is what PVE will show you when not getting "wrong" numbers from Win11 through the guest agent) but Win will report RAM used for caching as "free" instead of "used" or "available" so what you see in Windows isn't the real physical RAM that is used or that is blocked and can't be used by other guests or the host itself. Its similar to what is described at linuxatemyram.com for linux. So if you want to see the RAM utilization from the point of view of the Win11 guest you would need to install and enable (in the VMs options tab) the QEMU guest agent and maybe also the ballooning (your VMs hardware tab -> RAM). All modern OSs will use all RAM you throw at them for caching if not used by other processes, so its normal that all guests will always be at over 90% RAM usage. If you don`t want that your VMs will "waste" too much RAM for caching, don't allocate your VMs more RAM than actually needed.
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