Just migrated to an M1 Macbook Pro, upgraded to Parallels Version 17.1.0 (51516), installed the W11 for Arm from the Windows Insider Program Windows11_InsiderPreview_Client_ARM64_en-us_22598. I then installed Altium Designer (fairly sophisticated/heavyweight Wintel Electronic CAD S/W), and It Just Worked.
It works remarkably well, in fact, with no hassles whatsoever- it is almost as if it is intended to be a product one day! Total time to get the installation running: 2 hours, mostly download time. Who knew?
This isn't a Mac Studio- it is the 16GB/1TB 14" M1. However, here's an existence proof: this porky Wintel stuff can indeed can be made to work on Parallels/M1, and I'd expect the higher-end machine to have proportionally higher performance.
I can't comment on the performance on any absolute scale. It is more than adequate for my needs. For me, the fact that it works at all without having to sacrifice a chicken is wonderful, and the fact that it is *at least an order of magnitude* faster than Parallels/W10 my old 2010 2.4GHz MBP is icing on a very grateful cake. YMMV, of course.