I suspect that new laptops with preinstalled video cards have issues running older games. If your Windows 11 Laptop can run the game, but you only get a blank screen or improperly rendered (illegible) graphics, this solution might work for you.

I did make a help request earlier, but I kept doing trial and error and found a process that worked. Decided to post the solution separately for more visibility. From my experience, it can be frustrating getting a game to work and seeing a clearly marked potential solution can help. Emphasis on potential solution! I don't know if this is guaranteed to work for everyone else's Windows 11 laptop.

What I needed to do:

Step 1: Base Windows Compatibility Options
Check Windows XP Service Pack 2 Compatibility

Step 2: dgVoodoo2
Install dgVoodoo2, add an instance to Might and Magic 6 folder, copy/paste DLLs from 3Dfx and Glide x86 folders.
In control panel, select Desktop resolution under DirectX tab to get game to stay in fullscreen.

Step 3: Install Grayface Patch

This of course is all based on resources that exist because of work of other people, so thank you to them!