Firstly I would try using the 4.05 beta thats available in your downloads for both machines.
Also what antivirus package are you using as perhaps it is interfering with something.
A quick test here between two Win11 boxes (primary current, secondary Win11 canary channel) isn't showing a problem with KVM connections so it doesn't seem to be a global issue.
I would also be interested in knowing if task manager processes tab is showing the multiplv64 process running or not after attempting a connection.
Finally are you using IPv6 or v4 on your network and is this wired or wireless as we had a report of some oddness with someone using a wifi 5Ghz channel vs 2.4 which made no sense but sounds similar in a way.