I read somewhere (can't find it now) that CPU is no longer used/TBD
I was under the impression that MS linked the CPU id to the license? The BIOS serial shouldn't change from a simple firmware update!
Activation helps verify that your copy of Windows is genuine and hasn’t been used on more devices than the Microsoft Software License Terms allow.
When installing Windows 11, the digital license associates itself with your device's hardware. If you make significant hardware changes on your device, such as replacing your motherboard, Windows will no longer find a license that matches your device, and you’ll need to reactivate Windows to get it up and running.
To activate Windows, you'll need either a digital license or a product key. To find out which you need, see "What activation method do I use, product key or digital license?" in Activate Windows. Then, use the following info to help you successfully prepare for a hardware change and reactivate Windows.
Reactivating Windows after a hardware change - Microsoft Support