I have no experience with SH5 on Win11, because I'm already on Win10, but I suspect that it will be an issue on Win11, since there were similar problems here, for example:
https://www.subsim.com/radioroom/sho...d.php?t=253662
If you haven't tried it yet, it's best to install SH5 and also TWoS as admin in compatibility mode with Win10 or Win7, because I don't think it's due to any drivers.
BTW, does SH5 need the C++ Redistributable?