Good morning Alexander S,
This is issue in Windows 11 is often caused by a recent update.
I'l show you how to handle it:
First, try the quickest fix: restart the Windows Explorer shell. Open Task Manager (Ctrl+Shift+Esc), find "Windows Explorer" under Processes, right-click it, and select "Restart." Then, click the clock again to see if the calendar reappears.
If that doesn't work, the notification pane may have been set to expand by default. Hover your mouse over the top edge of the notification panel that appears when you click the clock, you should see a double-arrow cursor. Click and drag downward to manually resize the panel. The calendar may be hidden underneath. Alternatively, click the small up-arrow icon at the top of the notification panel to collapse it back to the calendar view.
Of course, ensure Windows is fully updated via Settings > Windows Update, as Microsoft often releases patches for such interface bugs.
I hope you've found something useful here. If it helps you get more insight into the issue, it's appreciated to ACCEPT ANSWER. Should you have more questions, feel free to leave a message. Have a nice day!
VP