Try UTM.
You can get it directly from App Store, for a contributor fee (I suggest it, you got auto upgrade), free from site.
It is qemu with a mac-mized interface.
It works for me.
Smooth run of openSuse 15.4 beta arm64 and Ubuntu server 20.04 arm64 (with desktop interface, if useful). (Need some work to first stable install).
Windows, I'have no need, but the Win 11 Dev Prw arm64 run decently (but I don't trust to walk on this thin ice for any business or even end user application). Can run the old x64 code too, you can manual install a working Microsoft Store if necessary, with some work.
UTM need direct disk space for the virtual machines.
If you need to run the virtual machines from Thunderbolt storage or cloud storage, better to use directly qemu trough command line interface (but is possible to make an app-launcher for every vm, to put in Application folder).
qemu works better (UTM use -1 version of qemu), but it needs more time to startup and more maintenance.
UTM from Apple Store probably can be compliance with some kind of trust, for security related's levels.
qemu is someway flexible: you can get the precompiled code from GitHub for non critical application or compile yourself from source, for paranoid IT security application.
vm's backup can be based on Apple TM or a time scheduled backup of the container folder for UTM, and with vm's scheduled backup for qemu.
Tested on Mac Mini M1 16gb
Mac Studio maybe work, I would like to try, but not in my plans for now.
I am available to be hired for support! :-)
I hope can help. ;-)