Hi,
It seems that on M4 devices any virtual machine with macOS version older than 13.4 fail to boot, they stuck with a black screen. This is regardless of the virtualization software used (UTM, VirtualBuddy, Viable, etc...). After talking to many people everyone experiences the same.
At least for me, this is a massive limitation of the platform, I really hope this is a bug which can be fixed.
Thanks,
Csaba