As dialabrain and rudegar have said, it is best to run ARM64 compiled versions of Windows and Linux.
Parallels has a license from Microsoft to run ARM64 Windows.
You can also run the Windows preview on UTM. You should be able to Google for it. I’ve seen several YouTube videos on this. However, this should be for personal use, as most corporation lawyers would have “kittens” 🐈⬛ if they found out company products were being developed using an unlicensed, by the company, version of Windows.
VMware Fusion should also be able to run the Windows preview, as well as ARM64 based Linux.
There are several Linux distributors that are compiled for ARM64.
At work, several employees have reported using UTM/QEMU to run intel compiled Windows and intel compiled Linux. They reported it was very slow. So while technically possible, it was not worth the effort if they wanted to do anything productive.
As mentioned, VirtualBox is not really ready for M1/M2 Macs. The Slack channels at work report almost zero success with VirtualBox experiments for both Windows preview and ARM64 Linux. And work has 100,000+ employees, with more than a few that experiment.
UTM and Parallels seem to be the most functional M1/M2 based virtual machine at the current time. With Parallels actually making a visible effort.
