Twisted van der Waals materials have become a paradigmatic platform to realize exotic correlated states of matter. Here, we show that a twisted dichalcogenide bilayer (WSe2) encapsulated between a magnetic van der Waals material (CrBr3) features flat bands with tunable valley and spin flavors. We demonstrate that, when electron–electron interactions are included, spin-ferromagnetic and valley-ferromagnetic states emerge in the flat bands, stemming from the interplay between correlations, intrinsic spin–orbit coupling (SOC) and exchange proximity effects. We show that the specific symmetry broken state is controlled by the relative alignment of the magnetization of the encapsulation, demonstrating the emergence of correlated states controlled by exchange bias. Our results put forward a new van der Waals heterostructure where symmetry broken states emerge from a genuine interplay between twist engineering, SOC and exchange proximity, providing a powerful starting point to explore exotic collective states of matter.