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Having the PC listed under your Microsoft account devices does not necessarily mean that the Windows digital license for the previous hardware was linked to that Microsoft account. The Activation troubleshooter specifically looks for eligible digital licenses associated with the Microsoft account.
Could you please check Settings > System > Activation and let us know:
- What exact activation status/error message and error code are shown there?
- Are you running Windows 11 Home or Windows 11 Pro, and was the same edition installed and activated before the hardware upgrade?
- What hardware was replaced? In particular, was the motherboard changed, or is it a completely new device?
- How was the original Windows license obtained: did Windows come preinstalled with the PC, did you purchase a Retail/product key separately, or was it purchased through the Microsoft Store?
- Before changing the hardware, did the Activation page specifically say “Windows is activated with a digital license linked to your Microsoft account”?
The fact that no devices appear after selecting “I changed hardware on this device recently” can indicate that the digital license was not linked to that Microsoft account before the hardware change, that a different Microsoft account was originally used, or that the license/Windows edition is not eligible for that reactivation path.