I'm not sure if it's actual solution but may be worth trying. I copied the text from Bluetooth Serial Port GPS receiver docs about how to make it work on Windows 11 (link has screenshots, scroll to the bottom, to "Facing problems" section of FAQ)

Windows 11 has modified the Bluetooth device listing and the Balloon Live sensor must now be paired via the “old” Device pairing dialog.

In the “Bluetooth & Devices” section, scroll down and select “More devices and printer settings”

In the new “Devices and Printers” dialog, select “Add a device”