Virtualization.Framework is how you have to do virtualization on apple silicon as it is the userspace API layer that interacts with the kernel. There is no API you can use.
Virtualization.Framework is pretty much everything you need out of the box for a generic "I have an isolated virtual machine" model, basically it's just missing a configuration UI and main()
There are a couple of WWDC sessions over the last few WWDCs on using the framework, configuring rosetta, and improvements in the 2023 OS update
https://developer.apple.com/videos/play/wwdc2022/10002 https://developer.apple.com/videos/play/wwdc2023/10007
[1] commercial VM products probably require more work to compete in the market, things like the transparent desktop, window hosting, etc