Parallels on M1 runs Win11 arm64 and Ubuntu arm64, those are as default installed templates, included inside VM installed AddOns. They are fast, because they do not emulate full CPU like amd64. Win11 arm64 can run amd64 software, it's CPU emulation stuff included in Win11 itself. So Win11 arm64 and run amd64 versions of MS Office, AmigaForever, etc amd64 software.