Yes, Parallels costs money, and if you run Win11 arm64, buying license for that also costs money.

UTM is Qemu.

Qemu can be compiled for macOS and Linux. I just today figured out how to compile Qemu on arm64 (actually using OrangePi that has 16 GB RAM and is arm64, similar like Linux on M1) so that it can run ReactOS. OrangePi has 8 cores (shown with "nproc"), so I used "make -j8" to make compiling use all cores, compiling faster:

Networking examples for various OS: https://wiki.qemu.org/Documentation/Networking

Slirp required to be included when compiling, to have user networking: https://bugs.launchpad.net/qemu/+bug/1917161

sudo apt -y install git libglib2.0-dev libfdt-dev libpixman-1-dev zlib1g-dev ninja-build git-email libaio-dev libbluetooth-dev libcapstone-dev libbrlapi-dev libbz2-dev libcap-ng-dev libcurl4-gnutls-dev libgtk-3-dev libibverbs-dev libjpeg8-dev libncurses5-dev libnuma-dev librbd-dev librdmacm-dev libsasl2-dev libsdl2-dev libseccomp-dev libsnappy-dev libssh-dev libvde-dev libvdeplug-dev libvte-2.91-dev libxen-dev liblzo2-dev valgrind xfslibs-dev libnfs-dev libiscsi-dev meson

git clone https://gitlab.com/qemu-project/qemu.git

cd qemu

git submodule init

git submodule update

git clone https://gitlab.freedesktop.org/slirp/libslirp

cd libslirp

meson build

ninja -C build install

cd ..

mkdir build

cd build

../configure --enable-slirp

make -j8

sudo make install

sudo apt install qemu-utils

wget reactos-32bit-bootcd-nightly.7z

7z x reactos-32bit-bootcd-nightly.7z

mv reactos*.iso ReactOS.iso

qemu-img create -f qcow2 ReactOS.qcow2 20G

qemu-system-i386 -m 3G -drive if=ide,index=0,media=disk,file=ReactOS.qcow2 -drive if=ide,index=2,media=cdrom,file=ReactOS.iso -boot order=d -serial stdio -netdev user,id=n0 -device rtl8139,netdev=n0

thanks, this is extremely helpful. Any idea if there is something like virt manager for macos. So far I'm not a fan of UTM.