For the sake of brevity, I'm going to skip over installing Homebrew on an Apple M1, but you'll want to use the arch -x86_64 method, which requires prepending. I was able to play Sim City 2000 on Mac OS 9.2 at a fairly high resolution.
It's surprsingly very usable but the usefulness is going to be limited. I encountered very little resistance, which surprised me as I haven't seen/read anyone trying this route. Thus far, the community has succeeded in getting QEMU to install the ARM version Windows, so I decided to do the more silly path and get PPC and X86 working on Apple Silicon. Now, this post wouldn't be very exciting if I tried this on my Mac Pro, but I decided to try it on my MacBook M1.
Still, in this example, I'm using Homebrew, a package manager for macOS/OSX that allows you to install software via the CLI and manage easily. There are alternate versions and different ways to install it. It's pretty powerful, free, and has a macOS port. Unlike VMWare, it's able to both virtualize CPUs and emulate various CPU instruction sets. QEMU is an open-source emulator for virtualizing computers.