it works fantastic magic. i had dual booted Asahi for a year or so, but really for no good reason once i realized UTM existed.
I use hypervisor.framework, never use x86 emulation, and the result is great. Tested with both Fedora for ARM and Arch for ARM (perhaps CachyOS's bundling of Arch works there, but i did it lower level because i'm an old nerd).
For now, my old gaming PC runs as a Linux server hosting all my dev services and home lab projects and my MacBook is where I work with them and build apps that consume them.
It would be nice to have the server setup mirrored on a laptop I could take places with me.