How to install earlier version of macOS with current operating system Big Sur?

With the update of Catalina / Big Sur, I was no longer able to use my 32-bit applications, so I have been trying to find a way to install Mojave OS on a separate APFS volume on my MacBook Air. I'm currently running Big Sur.

I have attempted following a handful of Apple guides, and ultimately it seems like the general idea is to create a new APFS volume and install the earlier operating system. However, it doesn't seem to be so simple. I have downloaded the Mojave OS from the App Store, and after download, I receive a message that says Mojave is too old for the current operating system. I thought it would be possible to re-install the Mojave OS onto the newly created APFS volume using Recovery, but the only available option from Recovery appears to be re-installing the Big Sur OS.

Is it possible to have Mojave running on a separate volume? How should I go about installing this given the limitations of Big Sur? All advice is appreciated!