As far as I know there is no way to run any 32 bit software on an M1 Mac. Definitely Parallels cannot run anything earlier than Big Sur (because Big Sur is the earliest version of macOS that is based on Apple Silicon code).
As far as I know there is no way to run any 32 bit software on an M1 Mac. Definitely Parallels cannot run anything earlier than Big Sur (because Big Sur is the earliest version of macOS that is based on Apple Silicon code).