There's no support for high DPI displays (or associated display scaling) I can figure out, so no retina support, yet, and the builds of Qemu that work on M1 Macs don't (yet?) support Qemu's savevm command to save a snapshot of the running VM - so you're going to boot into and shut down the VM each and every time you want to use it - there's no support, yet, for saving the current state of the VM like you might be used to using in Parallels or VirtualBox, when running Qemu on an M1 Mac. It more or less works, and it doesn't lag on my end (an M1 MacBook Pro), but a couple of caveats:

There is a vast choice of operating systems, including many different Linux distributions and macOS. Test software in isolated VMs with snapshot and rollback support. Scroll or search for Windows and click to select. Download prebuilt virtual machines (VMs) with preinstalled dev tools. Validate web apps in any browser on any OS, all at the same time. Run Windows, Linux and macOS without rebooting.

I've used the ARM Mac builds of Qemu that are floating around to install Ubuntu in a Qemu VM, using the ARM build of Ubuntu Focal desktop (Ubuntu 20.04). Optimized for Windows 11 and macOS Ventura. Docker-OSX is a project that makes macOS run near native using OSX-KVM inside a Docker container.

Best vm for mac on linux