Ehh... the answer is it kind of works well, but it really depends on what you're doing since you're running an x64 application (Visual Studio) on an ARM version of Windows running on a Mac M1 in parallels.
.NET development and in particular stepping through debugging is particularly slow, though I guess we should be happy it works at all.
And Arm64 version of .NET Framework (4.8.1). .NET Framework is considered legacy and 4.8 was supposed to be the final version. Not sure whether it means they foresee faster Windows-on-ARM adoption. Or slower .NET Framework to .NET Core transition. Or both.