Yeah I think it might work, it works on my Macbook air with Virtualbox... But as you say quite a bit of workarounds.Could you not run Dropbox on macOS and access those files from the VM using Parallels? I think it supports folder sharing between the host and guest VM.
I understand what you mean — there are too many workarounds at this stage and you need your work apps to run with stability.
Hopefully Apple will manage to push Windows on Arm with developers more than Microsoft has managed to do on their own... (once all Macs are Apple Silicon, Windows on Arm will be the only option (contrary to PCs) so maybe companies like Dropbox will finally decide to make a native app for WoA...)