Yeah you need an aarch64 Linux build. Suggest just using UTM if you don't need anything fancy. Pretty sure they have an ARM64 Ubuntu image in their gallery thing.
I'm running Archlinux ARM in a VM as my primary development environment on an M2 Macbook Pro and it works great.
Just install UTM and it will allow you to install from gallery. There is probably a way to download the disk image directly but the app will handle it for you to get started.
I'm running Archlinux ARM in a VM as my primary development environment on an M2 Macbook Pro and it works great.