No Windows XP on M1? Emulation?

Look I get that parallels relied on x86 design to run its stuff, but with all the CPU power of an M1, you can't tell me there isn't a way to emulate? There are tons of emulators out there that allow non-matching CPU architecture to run another system/os.. Maybe windows 7 and Window 10 would be a bit more demanding but I can't believe I bought this upgrade without some serious warning.. the sole reason a bought this was to continue to use the same images i've been using up till now... Even if it runs slower. it would at least work..

 

rosetta stone allows M1 systems to run OSX intel apps.. couldn't this be leveraged in some way to help parallels run xp?

 

OK I found a solution.. UTM does emulation.. I'm just surprised Parallels couldn't incorporate emulation (as needed). Virtualization is obviously faster.. and for windows 11 i'll go this route, but it would have been nice to stick to a single product.. but frankly i wouldn't have upgraded parallels if I didn't know they would have had a solution for x86 legacy OS