I use Parallels Desktop Pro (26.4) as the VM on my M4 Mac Mini Pro running Tahoe 26.5.2. I have Monterey, Sonoma, and Sequoia guests stored on a 2TB OWC Envoy Ultra Thunderbolt 5 drive. The real annoyance with these guests is that one simply cannot sign into iCloud, or the Mac App Store as this feature is non-functional in these guests. Was supposed to work in Sequoia, but does not. The correct password results in an unknown error. System Software updates work fine. Parallel's runs me $120+ per year. Best of the VMs in my opinion, even with the Apple ID limitation.
I removed the free VMware Fusion 26 software from the above Mac because Parallels is more functional. VMware Fusion 26 is installed on my 2020 27-in iMac with Mojave, Windows 11 Pro, and OpenIndiana (Solaris 11) guests. VMWare Fusion 26 does not have additional tools one can install to improve the guest screen size, so full screen works fine with Windows 11 Pro, but not in the other two guests, even when configured for full screen view.
Although VirtrualBox is free, it is the least capable of the Virtual Machines, in my own opinion, and you can thank Oracle for that. I used it for years and then entirely removed it for Parallels when VirtualBox fell way behind.
I have the current UTM installed, but no macOS guests configured at this time. It is important to read their online documentation for strengths, and weaknesses.