Parallels 16.5: Running an M1 MacOS VM on an Intel Macbook

Hello!
I can't seem to find answers anywhere online, and am hoping that I can ask the community for help.

I'm trying to Virtualize an M1 MacBook's OS on my Intel MacBook. We need to test certain things on M1 Macs, and don't want to spend time and money with the real physical device. (re-imaging takes way to long)

Would anyone know how we can virtualize an M1 Mac onto an Intel MacBook Pro?

Thanks!