UTM is fantastic for macOS-on-macOS emulation on Apple Silicon devices. Historically, macOS VMs have been so slow on every other virtualization platform. UTM uses Apple's native virtualization framework and it's a godsend for testing older or newer OS's.
I used parallels in the past. Mainly to spin up macOS VMs for setup testing with ansible (I maintain a macOS build farm for our studio) And I found the performance decent enough. It all tanks the moment more than one instance is running though.
