Apple M1 is an Arm AArch64 processor, and not an Intel x86-64 processor.
It can virtualize just fine, but it won’t boot and run operating systems intended for Intel x86-64 without help; without both virtualization and emulation.
Help here can include UTM, though there are other emulators around.
Which means either run Windows for ARM (support for which recently became available from Microsoft, via Parallels), or run Asahi Linux (which has native M1 and M2 support) or install and use both virtualization and emulation via UTM or similar for whatever x86-64 operating system distro you want to try running on Apple silicon.
Windows info:
https://support.microsoft.com/en-us/windows/options-for-using-windows-11-with-mac-computers-with-apple-m1-and-m2-chips-cd15fd62-9b34-4b78-b0bc-121baa3c568c
Based on what is posted at Microsoft, Hyper-V is not supported on Apple silicon. Only on: “Windows 11 Arm-based PCs with a Microsoft SQ1, Microsoft SQ2, Qualcomm Snapdragon 8cx, or Qualcomm Snapdragon 850 processor.”
For assistance with Microsoft Windows or for assistance with Vagrant, the respective vendor forums tend to be better sources of information and support than around here, too.