

Yes, Asahi is for Apple silicon, not Intel, I wasn’t sure when they changed over from Intel to Arm.
That said, if you have a fully spare computer which is not something you rely on for anything then installing the OS directly can give you better performance. I don’t know how powerful your main machine is but if it is significantly more powerful than the old machine a VM may be faster on that, it just depends on the performance of each machine.
Edit: I forgot to add, I used to work in IT doing support and I had Windows 7, Vista, XP, and NT all in VMs for supporting customers. I tried to get a reasonable Windows 98 image running but the hardware acceleration and comparability just wasn’t good enough at the time to make it worth it. It was fun full screening Windows NT with everyone else using Windows 7, it looked so retro and it was lots of fun to tinker with.
Yes indeed, I wasn’t sure about the architecture for the machine and when Apple started their own silicon, everything is happening both so fast and so slow, time is a flat circle.