@hans2 For your MacBook Air M1, I can only comment on Parallels.  That is what I installed on my MacBook Pro M1.  It has worked flawlessly for months.  While it requires a bit of a work-around to fun Windows 11 - the process is well documented and supported on Parallels website.  I have experienced no limitations on Parallels, but note the only virtual machine I am running is Windows 11, and the only Windows software I am running is Quicken Home and Business.  As for VMware Fusion on my Intel iMac - runs Windows 11 flawlessly for months.  Also runs Quicken Home and Business for Windows flawlessly.  There are no "tools" but I never used the tools, so not a limitation to me. The VMware application seems more iffy, as it is not "supported" by VMware (it works, but they won't help you if it breaks is how they define support).  Parallels expressly states and advertises that their program will support the M1 chip.  Good luck!