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The Hypervisor framework has been in macOS since at least Mojave (if not longer, this is just what I began using it), it's not new to macOS 11.

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They might be introducing a GUI or something, which is what it still lacks (there are some 3rd-party products out there, none particularly impressive last I checked).

Parallels can interface with the Hypervisor Framework instead of it's own, so there is at least one decent GUI. However performance compared to the Parallels hypervisor is very poor.

I would be interested in an Apple VM app overlay for the integrated Hypervisor though! And hopefully we see some speed improvements. :)

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