Apple silicon chips have two types of CPU cores: E (Efficiency) cores that are energy efficient but slower, and P (Performance) cores that run most of the code in apps. The allocation of threads to different cores depends on the Quality of Service (QoS) assigned to each thread and clustering. VMs are allocated virtual CPU cores, which are equivalent to P cores, and cannot be allocated to E cores on the host. There is no evidence that macOS allocates virtual cores to physical cores. This means that VMs lack the energy efficiency and background performance advantages of macOS running on an Apple silicon host.
https://eclecticlight.co/2023/10/23/how-does-macos-manage-virtual-cores-on-apple-silicon/