Performance on Macbook Pro Intel vs Apple Silicon

I'm currently running Parallels on my Mackbook Pro 16 inch 32 GB Ram Intel 8-Core i9. Recently I keep having issues when I run Windows via Parallels; laggy performance all around, including mac apps (text as I write this post in Chrome (mac) is lagging & missing keystrokes). I'm wondering if this issue is because of my current macbook specs and I need to upgrade to a new macbook? Do I need to upgrade my macbook to have a usable system?

I've seen Parallels markets that it is now optimized for M-Series Macs but not sure if that means it's no longer ideal for Intel macs.

Not sure if it makes a difference by I am running a multiscreen setup.

Thanks in advance!