You can buy decent-isn Windows-based PC/laptops for under $1,000. When the time comes, I'm thinking about just having a separate machine for Windows. We've been very lucky to have Parallels on a 2011 iMac for such a long time. But the clock is ticking on when this thing will crap out on me.
I think this was made possible around May this year. Have not attempted as I do not have an M1 Mac at this time, but I would be running Windows on Parallels if I did have an M1 Mac. Try to find a YouTube video? I'm sure a video is out there if it is possible because it seems to be a common question.
Yes, it would be easier but the point of trying to run Windows on a Mac (as we have done for 10 years) is so that we don't have to purchase additional computers (at about $600 a pop (x6 in my case)). If, in the end, Windows (or other guest OS's) can no longer be run on a Mac, then it is what it is.