So if I wanted to run Windows ARM on an Apple Silicon Mac, what's the best option(s) that make full use of the hypervisor? I'm aware of UTM [0] but the second paragraph of the article makes it seem like UTM is a software emulator (that doesn't take advantage of the hypervisor?)

0. https://mac.getutm.app

I need to run a few utilities that only work on Windows and those work fine on Windows for ARM under UTM. These utilities are built for Intel but run fine - Windows for ARM translates the code on the fly. It has a translation layer called "Prism."

Running Windows under UTM on macOS was (and might still be) the fastest way to run Windows on ARM.

Parallels and VMware still do implement their own graphics virtualisation (among other things) for Windows and Linux guests on Apple silicon, and in my experience Parallels still works better than the alternatives for Windows.

UTM does both. hypervisor for ARM, qemu for other archs