M4 Macs are unable to virtualize any version of macOS before 13.4 Ventura, resulting in a black screen and failed boot attempt. This bug has been reported to Apple and affects UTM and all other macOS virtualization software for Apple silicon. The only workaround is to run older VMs on M1, M2, or M3 hosts. M1, M2, and M3 Macs can virtualize macOS Monterey 12.0.1 onwards. macOS Sonoma and Sequoia are also compatible with different Apple silicon Macs. The author doubts the bug will be fixed and highlights the challenges in diagnosing and rectifying the issue.
https://eclecticlight.co/2024/11/14/m4-macs-cant-virtualise-older-macos/