Windows via Parallels on ARM is likely to mean the half-baked Win10 ARM build running natively in a VM
Before there were Intel Macs, Parallels was a full x86 emulator for PowerPC Macs. I presume there'll be plenty of products of that kind in due course.
Performance was unusable for anything more than Office in those days, and I'll be very pleasantly surprised if it's much different when Parallels inevitably knock something up that emulates x86 VMs as you suggest.
@ectoplasmosis started
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Before there were Intel Macs, Parallels was a full x86 emulator for PowerPC Macs. I presume there'll be plenty of products of that kind in due course.