Just one minor correction ...
Hypervisor.framework is the low-level virtualization framework which does not provide support for virtualizing macOS. VMware uses Hypervisor.framework.
Virtualization.framework is the high-level framework that does support virtualizing macOS. Any application (i.e., UTM, Parallels, VirtualBuddy) which allows you to virtualize macOS on Apple silicon has to use this framework. And, indeed, the Virtualization.framework has some serious limitations.