Normally Macs can only go as low as the OS available on their initial release. If Monterey is out when they're released. Then Monterey is as low as they'll go. If they come out while Big Sur is still the current OS. Then later get Monterey included when Monterey comes out. They can be downgraded to Big Sur.
But who's to say it'll still work this way with ARM Macs.
Apple Silicon supports dual boot (at least on paper). As long as you can technically dual boot and people have access to the root folder. I'd expect there will be workarounds and hacks.
Apple would basically have to lock down the Mac like i(devices) to stop it.