I currently run Windows XP in a virtual machine on a 2012 iMac. I do this for the Windows engineering programs I use. Is there anyway to make this work on the M1 Mac?
Not unless you can manage to find an ARM based ISO of Windows XP and manage to get it installed as AFAIK, the M series Still doesn't have nested virtualization (for which you could attempt to use XP inside another guest OS like linux or Win11).