I used virtual box quite a bit on my intel based Macs for doing linux stuff, however when I upgraded to M1, Virtualbox port for arm64 did not exist and there was a developer preview but it did not really work on booting Linux distros, but then I have now found
And I am quite impressed, I currently have an archlinux VM and a debian11/XFCE VM working well. I can share folders from Mac into VM and it does take advantage of hypervisor to performance is good too.
Sources on github - GitHub - utmapp/UTM: Virtual machines for iOS and macOS
Prebuilt images are here - Gallery | UTM
Documentation is here - https://docs.getutm.app/