If you want to run x86 Windows, you're out of luck. Not going to happen. Note they say a new version of Parallels Desktop for M1 is coming; what they fail to mention is that it will be for virtualising other ARM-based OS's. This is a pertinent sentence in their statement:
"Parallels is also amazed by the news from Microsoft about adding support of x64 applications in Windows on ARM. "
In other words, you may be able to run x64 apps in Windows on ARM (WoA) via the new Parallels Desktop. But even that isn't straightforward:
1. WoA is actually Windows on Snapdragon. Unless Microsoft release an A1 version, it won't work.
2. Microsoft does not sell a license for WoA; it comes pre-installed on Snapdragon devices only.
3. x86 app emulation is currently only 32-bit and performance is lousy. Even when 64-bit support arrives, it's still likely to perform terribly.
In other words, if you need to run an x86 Windows VM...buy an Intel Mac.