Several have already offered the advice: the new, complete bootcamp is "old fashioned bootcamp" in the form of a dedicated PC. The great news is that for the price we are accustomed to paying for Macs, you can generally get a pretty robust, powerful PC.
When I went Silicon, I did exactly this because I also needed bootcamp and full Windows (not ARM Windows). It wasn't for gaming but when you re-embrace owning a PC, gaming is one of the bonuses that come with it. Since most of the world (by far) is running Windows, most of the software in the world (by far) runs on Windows. A PC opens up that whole world of additional apps, including the level of games typically unavailable on even the most powerful Macs.
One more tip: since Apple is pushing "separates" anyway, don't automatically choose to buy only ASD. There are plenty of monitors in the world and many outside the walled garden come with more than 1 input for computers or other devices. The one I chose for my Mac has FOUR inputs, so I have both Mac and PC wired into it at the same time and easily switch between the two.
Bottom line: its over for bootcamp unless we cling to Intel Macs. Once we accept that, the choices are the more limited ARM Windows in Parallels or similar or full Windows in a dedicated PC. I went with the latter myself and am much happier than I expected to own a PC again. I do all I can on my new Silicon Mac but some things are Windows-only and many of the bigger games are just one example of that. A new Apple computer budget will but a LOT of PC power.
Cheaper option: if games are good enough for you on the existing Mac, consider advice in #11 and #13 of reallocating existing as a dedicated PC and buying yourself a new Silicon Mac. One way to extend the useful life of an aging Intel Mac is to turn it into a Windows PC. You should be able to install at least Windows 10 on it.