Worth adding a distinction people conflate: the translation layer for applications is not the same as virtualisation.
macOS on Apple Silicon includes a translation layer that runs x86 macOS applications transparently and remarkably well. That leads people to assume an x86 virtual machine should work equally well, and it does not — the translation layer operates on application binaries at the operating system level, not on a guest kernel booting its own operating system.
So "my old x86 apps run fine, why not a virtual machine" has a real answer: those are different mechanisms operating at different layers, and only one of them is available.