How do I configure Magento ≥ 2.4.7 for development?

Step 1

How do I configure 2.4 ≤ Magento < 2.4.7 for development?

Step 2

bin/magento config:set catalog/search/elasticsearch8_index_prefix <database name>
bin/magento config:set catalog/search/engine elasticsearch8
bin/magento cache:clean
bin/magento indexer:reindex
bin/magento cache:clean

Step 3

How do I run Elasticsearch 7 and 8 simultaneously on Windows (for different Magento versions)?