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I virtualize previous and host OS itself (for testing purposes) on Parallels. Never encountered an issue.
 
Thanks for your help! I installed UTM from the Mac App Store but it only had default options for Windows and Linux. How do I get Big Sur?
 
I tried to install Big Sur from the App Store but it didn't work.
Sadly, it more complex than that. For one, you need to create a bootable installer.

I used this as the basis for installing both Monterey and Ventura in VMware Fusion on Intel iMac: https://blog.eucse.com/how-to-run-macos-monterey-12-beta-in-vmware-fusion/. Big Sur would be similar.

It may help you with UTM.

When you do get to the installing stage, take care with network interface and graphics settings - you may need to change them.

There are other recipes if you search.

I use Fusion with a free personal use license.
 
With Fusion these days, I think you just need to download the OS installer and point Fusion in its direction and it’ll do the rest.
 
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