I frequently use virtual machines at work (such as installing VMWare ESXi on a Mac Mini) and test many MDM workflows and various Jamf Pro/School processes. Fortunately, I have access to a test device for major tests that require hardware, but often, a straightforward lightweight VM suffices. Given the impressive performance of VMs on Apple Silicon, I can conduct numerous tests without having to spin ESXi or use my test device.
I've explored many different VM tools and have shared some my experiences with them here. I was able to compile all my notes into a presentation, which I delivered in November @ an Apple Admins Meeting hosted by Jamf Amsterdam