Works great for me, I run an ARM64 Linux VM using the Apple native framework. macOS is configured to get out of the way, I only need Firefox, iterm2, and some custom shortcuts. I code and do pretty much everything on the VM. As a Linux user this has made the work-issued M1 Pro a great laptop, which I wasn't sure about.
I kind of like this option. Running the front end/client natively and the back end/server in a VM works great.
In the future Asahi or a native Ubuntu port might be a good option, but a VM is almost better in some ways since it's portable/migratable, has easy snapshots, has better isolation, etc.