Run older macOS or Windows 10 on M1 Mac?

I am contemplating moving to an M1 MacBook Pro. I have a few apps that I need to run virtually. Right now I have a Win 10 VM and a Mac OS El Capitan VM on my Intel MacBook Pro. The apps I need are older RIPs for a wide format printer I have at home that I use on the side for personal stuff which is why I am not upgrading the RIP as it is $4K +
So the question is can I run full versions of Windows 10 or an old Mac OS on an M1 Mac in Parallels or will the CPU limit me to only running OS's that can run on Apples CPU?

 

that is the answer I was afraid of. I wonder if there are any plans, or if it is even feasible to emulate a CPU to allow for different OS's that are not ARM to work in Parallels when on an Apple CPU.
I am guessing I cannot install a Windows 11 ARM VM on my Intel iMac to test the software out on that?

 

I am not an Apple Geek so can't definitely answer the first question. Don't think it would be feasible but again I am no expert. Perhaps someone else can chime in.
The second - no I don't believe you can test out the ARM version of Windows on an Intel Mac.