Have you tried CrossOver? It has much better performance than Parallels in my experience, plus the applications act as if they work "natively" on macOS, with their own windows.
I'm trying this X64 image with UTM (a newer and very minimal virtualization framework that uses what's built into OS X) on a 2024 MBP now. It seems to be working.
I did the same for the past year, mostly for work (so MS Office suite, IntelliJ, Java), but it even works for the old PC games like Heroes of Might and Magic III or Morrowind. The only thing that I could not get working was Global Protect VPN client, required to access internal infrastructure of one of my customers.
