Grand Prix 4 running under Parallels Desktop on my M1 MacBook Air has a mind blowing performance, even with a custom GP4 mod installed. The Parallels Desktop VM is the Windows 11 Pro ARM64; Parallels runs it perfectly.
UTM also does run Windows 11 Pro ARM64 perfectly, but lacks 3d acceleration. However, I'm keeping UTM for PowerPC emulation (MacOS 9.2.2) and old PC emulation (DOS 6.22/Windows for Workgroups 3.11). I will also keep my Ubuntu 22.04 on UTM because I can't be arsed to make a new install on Parallels for that, and it's good enough there for the purposes it was installed, so no point in moving it.
The gap between UTM and Parallels for some Glide/3dfx games is covered with QEMU-3Dfx fork. I have nearly all the bases covered for my gaming fun. I'm impressed with Parallels on M1 Macs. I hope VMware can catch up with them.
EDIT: Parallels can even run rFactor 2 stock with a decent framerate for casual sim racing. Almost 50 fps. I didn't even tweak the graphics, but I think I can squeeze some 5 fps more doing it.
Grand Prix 3 struggled running hardware mode, but that was expected. The nature of the game engine (a botched job using the same GP2 engine with "upgrades" for 2d/3D graphics from Hasbro/MicroProse) is the culprit. Software mode is F-A-S-T though. Game will stay on QEMU-3dfx/Windows 98 SE anyway.
"Design isn't just what it looks like and feels like. Design is how it works."
READ: Right to Repair sucks and is illegal!