M4 Macs Incompatible with Older macOS Virtual Machines

Apple's new M4 Macs face issues running virtual machines on macOS versions prior to Ventura 13.4.

Users attempting to run older macOS versions on M4 Macs encounter a black screen and failed boot.
The issue arises during the early kernel boot process, affecting all major virtualization software.
M1, M2, and M3 Macs do not face this problem and can run older macOS versions in virtual machines.
Developers and users relying on older macOS for testing should consider this limitation before upgrading.
A fix would require Apple to release updated IPSW files for older macOS versions, which is unlikely.