In my mind, if you can run your existing VM in "the cloud" (whether that means public cloud such as AWS or private cloud such as VMware or another hypervisor) then you should be able to run Microsoft Remote Desktop on the M1 Mac to access the VM via RDP. That assumes that your networking is set up properly to access resources in "the cloud" and the OS you are using supports the RDP protocol (hint, Windows 10 Home does not enable Remote Desktop support)

Issues I see can are actually moving those VM images if you're choosing a public cloud. There are nuances to operation and networking for cloud compute instances that you have to be aware of and account for during the conversion - which is why there are tools out there to assist in migration to cloud.

If you're moving the VM to run on VMware ESX, it's less of a heavy lift,