We're going to run Ubuntu (ARM) on Mac M1 (ARM) using the native binary translation, thanks to up-to-date version of qemu which has native hardware support.
Install qemu and required tools (coreutils - we need truncate/gtruncate, dd/gdd CLI tools, samba - to share files between host and guest VM, yq - to insert SSH public key into the cloud-init configuration).
$ brew install qemu coreutils samba yq