“Running a macOS VM for any version before 13.4 Ventura on an M4 Mac results in a black screen, and the VM fails to boot.”
M1 through M3 Macs run macOS VMs back to Monterey 12.0.1. The new M4 machines stop at Ventura 13.4, and anything older boots to a black screen, Recovery included. It hits UTM and every other virtualisation tool built on Apple’s framework. Developers who test against old releases just learned the newest Mac is the one that can’t do the job.