'Architecture emulator', which has been around a *VERY* long time, and is well-established. They just 'pass through' the native code, while virtualizing/emulating the other hardware interfaces.

'Native architecture hypervisor virtualization', which is what Parallels and VMWare are on Intel platforms. (Although, ironically, Microsoft bought the most successful one and turned it in to Hyper-V.) There were plenty of 'emulate an Intel processor' solutions for Mac OS before Apple moved to Intel, there will be more again. That said, assuming Apple introduces more powerful GPU options in the future, I suspect that Windows gaming in a VM may yet bet a viable option, given how extraordinarily well the M1 runs translated apps so far. The M1 beats a 1050ti in benchmarks but not my RX580, so running in VM would cause an even bigger hit in that department. Given that the M1 butchers my processors in pretty much every conceivable way, I think we can reasonably expect that Win10 in a VM will still be plenty usable. Star Wars Battlefront 2, Star Wars Squadrons and Halo MCC are my three main games and they run just as well as my friend's brand new PC tower. I currently have the 2圎5620 2.4ghz quad-core CPU setup, with 12GB RAM, RX580 GPU, and even though lots of games say my processors are well below minimum required spec, they still run perfectly.

Once VMWare/Parallels figure out how to get Windows 10 running in VM, what are the odds that gaming in a VM will still outperform gaming in a native Win10 boot on my 2010 Mac Pro (or other moderate-spec gaming systems)? With all this talk of Rosetta-ized x86 apps still running at impressive speeds, I got to thinking:

Mac m1 windows virtual machine