Similar to Boyd01, I've been running Win10 and WinXP for years with Parallels. I've used it for Windows based Photoshop CS6 (licensed, not subscription), Visio, Acrobat X Pro, Office, etc. I run Windows and MacOS concurrently and seamlessly.
Actually, I'm running Visio 2007 (WinXP) at the moment when I saw this post browsing MacRumors. Visio just appears as another window on my desktop and I copy/paste items back and forth seamlessly. Same with using printers. Also, I run no AV in the XP VM as it has no connection to the internet. If it ever got corrupted, I'd just restore a backup of the VM as it is just a file. It's just a base to run very old apps. My Win10 64bit VM is connected to the internet and operates as any PC.
However.... the new Macs use an Apple M1 chip vs. an Intel chip that made Windows VMs easier to emulate. I believe but cannot verify the current Parallels can run Windows 10 (Ten) on an M1 chip. If you''re a Windows gamer, I'm not sure of the performance.
An issue does appear with Windows 11. It apparently requires a new PC with a security chip (TPM). Parallels 17.1 has a virtual implementation (vTPM) to run Win11. Jury is out on this Win VM version:
Parallels 17.1 Update Improves Windows 11 Support on Intel and M1 Macs
Bottom line, search MacRumors for comments on Parallels / M1 Mac implementations. Also, make sure there's enough memory to hold multiple VMs.