Not under XP.
You can run Win11 for ARM in Parallels and you might be able to run some x64 apps in Intel emulation. It's gotten much better in the most recent versions of Win 11. But ancient Win XP apps...? Um...
My 1st thought was that you would never be able to run XP apps in that environment, but MS does support obsolete APIs for an amazingly long time. It's very VERY unlikely, but it's not completely implausible that your apps could run.
Have you got the M1 already? You could install the latest Parallels as a trial, let it install Win 11 and see what follows. It'd be a very interesting experiment.