Of course, there are no guarantees that it runs correctly. Probably doesn't, given that even Apple and Microsoft's software don't run correctly, either. But saying software doesn't run perfectly in all cases is almost tautological.
[1] https://github.com/phoronix-test-suite/phoronix-test-suite
I wouldn't be so sure - if marcan loses interest (already looks like it), who is going to keep up with supporting the latest Apple chips?
When the M series chips were the hot new thing, there sure was developer interest - but now that a new chip is released every year, it becomes boring drudgery.
Look at support for T2 Macs - it took a decade to get them supported, not because the hardware was so different, but mainly because the hardware was 'boring'.
For some uses you won't get the best performance compared to native Linux. But for a Plex/Kodi server a VM should be great.
(On an x86 Apple laptop I found the power consumption better with a Linux VM on MacOS than with native Linux, so VMs can be quite efficient for some uses. Software builds sometimes run much faster in a Linux VM inside MacOS than natively in MacOS. On the other hand, I found Qemu inside a Linux VM for Android development was extremely slow.)
[1] https://social.treehouse.systems/@marcan/112277289414246878
https://asahilinux.org/fedora/#device-support
maybe m4 will come soon.