In your case a Windows machine or maybe you boot your old laptop into Windows. People report that older Windows drivers work perfectly in Win 10 but don’t say that in the .ini file. A 1 line change fixes that.
Maybe you can do the same with macOS, but the platform is less open.
What I call virtualization could be many things like tunneling the usb packets into VMware, but could also include binary patching the driver, or running the driver inside a simple emulator (only has to support the exact features the driver needs and the driver probably doesn’t do very much so throughput is a non-problem)
For instance you could use Libusb and pyusb and run the driver inside an interpretive emulator inside Python, observe what it does and replace one bit of functionality at a time until you know how it works.
Latency is tougher than throughput.
M1 runs ARM, I know it uses a binary translation emulator to run x86, how much backwards compatibility it provides I don’t know. If Apple were motivated to keep old drivers working they could do better than they do.
What I see is contradictory but some reports indicate it can use the standard audio drivers to run at 16 bit resolution and 44.1/48 sample rates. 24 gives headroom and high sample rates are great for effects processing, but you might be happy with the results you get with the standard driver if that’s the case.
All of these, for an individual, would cost more than a new USB audio device from a vendor with a different attitude. Roland’s attitude is a bad one for a vendor for tools for pros and other serious users; you can justify a high purchase price for a product with a long lifetime.
Searching I find there is a huge amount of frustration and you might do a Kickstarter.