https://eclecticlight.co/2024/11/14/m4-macs-cant-virtualise-older-macos/
.. 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…It has also been reported as affecting UTM..
* Reported to Apple in Feedback FB15774587
* Better keep your M1, M2, M3 Macs.