Depends. QEMU can use Apple's Hypervisor virtualization framework to run ARM64 operating systems on Apple Silicon without emulation.
It seems to be possible to then use Rosetta 2 to run x64-code on those operating systems.
Rosetta 2 works great for AoT stuff but for JIT you'll always end up with at least a 2x slowdown since it needs to always JIT the JVMs JIT output. That said, it working at all is pretty amazing.
