How is the performance now with x86 VMs on Apple Silicon?

I'm once again thinking of moving my Parallels license from my old x86 MacBook Pro to my current Apple Silicon based one. The two things that have prevented it in the past is my need to test whether our application installs/runs in x86-based OSs (Ubuntu, Fedora, Windows 10/11 to be specific) and once a year I need to run TurboTax Business - which only has an installer for x86-based Windows.

Last year Parallels introduced experimental support for x86-based VMs using emulation. At the time, it was too painfully slow to use, both from a startup and operational perspective. While I don't really care how fast my application runs on these emulated VMs, I don't want to wait minutes upon minutes just for the VM to boot and then minutes, yet again, for my app to get installed.

Has emulation gotten significantly faster? Is it stable enough for me to try? And, if I move my license to the Silicon Mac, can I move it back if things don't work out?