If the containers you want to run with Docker are x86 software, that Linux VM either needs to be an x86 Linux distro running in qemu emulation of a full x86 machine, or an ARM Linux distro using the new (not yet released in stable macOS) Rosetta for Linux translation.
It does sound like adding Rosetta binfmt_misc support would allow Docker for Mac to ship an ARM64 kernel/VM image instead of an amd64 one and benefit from some performance boost, but potentially at the risk of reliability/fidelity. The entire idea of Docker is that the kernel ABI is a (supposedly) stable interface, and even if your userspace changed around it, a Docker container would have its own userspace and wouldn't care. Running a different-architecture kernel and dynamically translating it necessarily means that there will be visible differences in the kernel ABI. Sure, you can translate those differences, but that gets you farther from the promise.
That is entirely untrue: https://docs.docker.com/desktop/install/mac-install/
Hell, it’s even on Windows.
Pretending that the Mac and Windows versions somehow aren't using Linux VMs behind the scenes is of no use to anyone. It's a convenience for users when they can get by with ignoring the VM layer, but a detriment when we see people start talking as though Docker for Mac is functionally different from a Linux VM running Docker, and start assuming that enhancements to running Linux VMs under macOS would be inapplicable to and incompatible with "Docker for Mac".
I really doubt that's the case if you run native Windows containers on Windows.
So while there is in fact an exception to my previous generalization, there's still no cross-platform compatibility magic to Docker aside from that of virtual machines. If the container OS is different from the host OS (or a different version of the OS, for Windows containers), then using Docker is an instance of using VMs, not an alternative to VMs.
For example, docker-desktop on arm-mac can run x86_64 images by leveraging binfmt-qemu within docker's VM. Changing that to use binfmt-rosetta should have huge gains (as there's specific hardware support to enable rosetta).
Yes it's easier to use docker. Hopefully this trickles down so that you get the benefits of this while not changing your usage at all.
https://en.wikipedia.org/wiki/Binfmt_misc
(To be clear, this is for running Linux x86 inside Linux arm64 VMs on an Apple Silicon host)