And Parallels or Fusion won’t allow you to do so?
for clarity since it's probably not necessarily known.
Virtual Machines (Parallels) does not emulate hardware. it uses Virtualization technology built into the CPU's. you still require running compatible software with the x86 platform.
essentially with Virtualization, the "virtual software" does nothing more than provide a "sandbox" to run a different operating system in, with direct access to hardware resources it needs. (there is some overhead performance loss, but it's minor today)
What Parallels would require doing is running something called emulation for an ARM chip to run x86 software. Emulation is essentially the CPU Pretending to be something else. this is often extremely costly from a performance standpoint since it generally requires translation between the instruction sets.