You can use Rosetta to run x86 Linux binaries with good performance under a virtualised ARM Linux [0], but if you want to run fully x86 Windows or Linux you’ll need to emulate, not virtualise. It’s possible, but there’s a big performance hit as you might expect.
Interesting. uname -a reports x86_64, and lscpu also reports x86_64, although perhaps that's just the kernel being patched to lie about the architecture.
[0] https://developer.apple.com/documentation/virtualization/run...