Go to the folder:
C:\Users\[YOUR_USER_HERE]\AppData\Roaming\.minecraft
change the name of:
launcher_profiles_microsoft_store.json
to launcher_profiles.json
install as usual.
After installation,
delete the newly created launcher_profiles_microsoft_store.json
and change the name of launcher_profiles.json to launcher_profiles_microsoft_store.json
Now it should work, basically forge should update the installer to detect the new launcher_profiles too.
EDIT:
I just saw that on the github repository, the source is already updated to detect microsoft's new profile names, they just have to update the downloadable installer to use the new version.