M4 Macs can't virtualise older macOS
(eclecticlight.co)
If you’ve already got a new M4 Mac and tried to run a macOS virtual machine on it, then you might have been disappointed. It seems that M4 chips can’t virtualise any version of macOS before 13.4 Ventura. So before you trade in or pass on your M1, M2 or M3 Mac, if you need access to older VMs, you might like to check whether this affects you.
If you’ve already got a new M4 Mac and tried to run a macOS virtual machine on it, then you might have been disappointed. It seems that M4 chips can’t virtualise any version of macOS before 13.4 Ventura. So before you trade in or pass on your M1, M2 or M3 Mac, if you need access to older VMs, you might like to check whether this affects you.