There's no qemu equivalent on mac I don't think.
UTM is Qemu.
Qemu can be compiled for macOS and Linux. I just today figured out how to compile Qemu on arm64 (actually using OrangePi that has 16 GB RAM and is arm64, similar like Linux on M1) so that it can run ReactOS. OrangePi has 8 cores (shown with "nproc"), so I used "make -j8" to make compiling use all cores, compiling faster:
Networking examples for various OS: https://wiki.qemu.org/Documentation/Networking
Slirp required to be included when compiling, to have user networking: https://bugs.launchpad.net/qemu/+bug/1917161
sudo apt -y install git libglib2.0-dev libfdt-dev libpixman-1-dev zlib1g-dev ninja-build git-email libaio-dev libbluetooth-dev libcapstone-dev libbrlapi-dev libbz2-dev libcap-ng-dev libcurl4-gnutls-dev libgtk-3-dev libibverbs-dev libjpeg8-dev libncurses5-dev libnuma-dev librbd-dev librdmacm-dev libsasl2-dev libsdl2-dev libseccomp-dev libsnappy-dev libssh-dev libvde-dev libvdeplug-dev libvte-2.91-dev libxen-dev liblzo2-dev valgrind xfslibs-dev libnfs-dev libiscsi-dev meson
git clone https://gitlab.com/qemu-project/qemu.git
cd qemu
git submodule init
git submodule update
git clone https://gitlab.freedesktop.org/slirp/libslirp
cd libslirp
meson build
ninja -C build install
cd ..
mkdir build
cd build
../configure --enable-slirp
make -j8
sudo make install
sudo apt install qemu-utils
wget reactos-32bit-bootcd-nightly.7z
7z x reactos-32bit-bootcd-nightly.7z
mv reactos*.iso ReactOS.iso
qemu-img create -f qcow2 ReactOS.qcow2 20G
qemu-system-i386 -m 3G -drive if=ide,index=0,media=disk,file=ReactOS.qcow2 -drive if=ide,index=2,media=cdrom,file=ReactOS.iso -boot order=d -serial stdio -netdev user,id=n0 -device rtl8139,netdev=n0
Are you comparing emulated x86 to native Windows ARM via dual-boot?
Asahi Linux has modified kernel where is M1/M2 drivers, and remaining of Asahi is from Arch Linux. Asahi is installed like new version of macOS, notification about it goes to Apple, Apple just does not know it's actually Asahi Linux install. M1/M2 hardware has possibility for Linux by design, Apple most likely had some minimal Linux running on it for test purposes. There are also other FOSS distros for M1/M2, they use partially same packages and ways to make installing dual boot OS possible.
It's also possible to install macOS and Asahi Linux to external SSD drive and boot from there. But part of boot is still at internal drive, so it's not like boot at any computer yet.
I thought you were saying that you found a way to run Windows on bare metal and were comparing bare metal vs Parallels
https://www.uubyte.com/blog/how-to-install-macos-ventura-on-...
Internal 256 GB disk has dual boot macOS and Asahi Linux.