Besides, if you wanted to play windows games on a Mac you’d use Crossover (or anything that wraps GPTk+wine like whisky). It’s significantly lower overhead than a VM, and GPU access is translated.
I tried to run x86 Windows using UTM a while back (I was trying to test something that was x86-only and used a kernel driver, so couldn't run under ARM Windows). I had to give up on it because it was taking too long to boot (i.e. way longer than 7 minutes). So this sounds like an improvement.
On the other hand, we've had success using UTM for students with Apple Silicon Macs to run our x86 Linux VM that we use in our 2nd year University operating systems course. It's terminal-only (no desktop environment), but we do use VS Code's Remote SSH with it (which runs the VS Code backend in it).