As long as you're ok with arm64 guests, you can absolutely run both Ubuntu and Win11 VMs on M-series CPUs. Parallels also supports x86 guests via emulation.

> As long as you're ok with arm64 guests

I've run amd64 guests on M-series CPUs using Quem. Apple's Rosetta 2 is still a thing [1] for now.

[1]: https://support.apple.com/en-us/102527

[2]: https://mac.getutm.app

How is the performance when emulating the x86 architecture via parallels?

Also is it possible to convert an existing x86 VM to arm64 or do I just have to rebuild all of my software from scratch? I always had the perception that the arm64 versions of Windows & Ubuntu have inferior support both in terms of userland software and device drivers.