This app is now the home for your music library, curated playlists, Apple Music streaming, and your local music files.
The actual data—your .itl (iTunes Library) file—was automatically migrated the first time you opened the Music app after upgrading. Your media files (songs, movies) remain in ~/Music/ but are now accessed via these new apps.
Instead of a single iTunes app, macOS Big Sur provides four separate applications that collectively handle every function iTunes once performed. Understanding how these work is essential for any Mac user.
If you absolutely need to run the original iTunes application on macOS Big Sur 11.7—perhaps to access an older iTunes-only feature or to restore a legacy workflow— is your best option.