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I have done a bit more research, and I have a better understanding of why previous versions of Parallels don't support newer Mac hardware. Unlike the Intel era newer variants of the M-chip can see significant changes to how they process graphics, etc. A set of instructions that worked perfectly well for an M1 series chip may not work at all for the M4 variant. When you buy a perpetual/one-time-purchase licence Parallels states that it may not work in future, and from this perspective it makes perfect sense. However, if you stay with the same hardware your one-time-purchase licence should remain stable and useful for several years, as the software changes to the OS are less disruptive. That's why 18 should continue to work with an M1 series, although you might not have luck installing it directly onto Sequoia (but I haven't had a chance to test that...)
I have done a bit more research, and I have a better understanding of why previous versions of Parallels don't support newer Mac hardware. Unlike the Intel era newer variants of the M-chip can see significant changes to how they process graphics, etc. A set of instructions that worked perfectly well for an M1 series chip may not work at all for the M4 variant. When you buy a perpetual/one-time-purchase licence Parallels states that it may not work in future, and from this perspective it makes perfect sense. However, if you stay with the same hardware your one-time-purchase licence should remain stable and useful for several years, as the software changes to the OS are less disruptive. That's why 18 should continue to work with an M1 series, although you might not have luck installing it directly onto Sequoia (but I haven't had a chance to test that...)