We historically used Parallels to create virtual machines used as build environments for MacOS based software. Then, when we switched to apple silicon, it stopped working (you could install a MacOS virtual machine, but it was based on an apple dev image and you could not connect to your own apple id for signing, etc.)
We gave up and bought a few mac minis. Does anyone know if those issues have been solved by cheetah, or some of the other virtual machine managers mentioned by @dinkblam?