They have a product manager blog showing AOE 2: DE working just fine on M1 Mac's running Windows for ARM (https://www.parallels.com/blogs/mac-age-of-empires/). However, multiplayer mode is not mentioned.
When I started the thread about multiplayer mode not working, and later suggested an alternate product, my response never gets approved to be posted. This has happened twice. And there's still no response from Parallels on actually fixing multiplayer. Or making a note that MP does not work on their blog.
Instead, they just don't approve comments that link to other software vendors. Or, I guess the "I let my Parallels subscription lapse" was too tongue in cheek. This is dirty behavior either way.