UTM
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With any UTM with version > 4.5.4 , Windows XP networking is broken for both shared and bridged.
Windows XP SP3 works fine with UTM 4.5.4, with any versions above (yup that's still beta), networking is not working.
Change the network card to pcnet
Thank you @flanter21 !
I had rtl8139 network card selected which worked with UTM version <= 4.5.4. Switched to pcnet and it is now working fine with UTM version 4.6.1-beta.
Maybe you shouldn't close it. It is a regression. Something's broken with rtl8139 now.
Windows7 has this issue too, change network adapter to e1000 work fine.