Basically, if you’re looking to run a virtualized version of Windows on your M1, you’ll still have to deal with the same caveats that would come with running Windows on any other Arm machines.
Windows on Arm’s x86 emulation has been a bit of a rocky road, and the 圆4 app emulation is still a work in progress. While it does seem possible to install a Windows 11 preview for Arm machines, you’ll probably want to proceed with caution. Is there some sort of Parallels equivalent to the old VMware 'helper apps' that you'd install within the guest operating system I'm running Windows XP. But I really wish I could cut and paste between the Windows apps and the Mac apps, wish it would sync to the correct time, and so on. The catch for M1 users is the same as when Parallels first added support for Apple’s latest machines - you’ll only be able to emulate Arm-based operating systems, which means you’ll be limited to Windows on Arm. I've been running with Parallels for a while on my new Mac Intel system, and am really happy with it. Parallels supports both Intel and M1 Macs (though there’s a catch for those running Arm-based machines), and can even be used to run the Windows 11 preview for those who can’t wait. Parallels Desktop 17 will allow Mac users to experience Microsoft’s next version of Windows in a window on their Mac desktop.
Windows 11 is coming to Macs, even those without Boot Camp.