I have used Parallels for many years.
There is a constant upgrade scenario - presumably to keep them in dosh. I have used it for XP, W10 and W11, Several flavours of Linux, and currently MacOS Older, 10.14.6, so I can run my accounts package in Monterey. I've considered subscription, but tend to miss out alternate updates. Currently on 16
You can run it as a program, and do stuff like access folders on the host computer, or in Coherence, which makes the apps running in Parallels appear as if they are running natively.
I've never noticed performance issues, even with two Virtual machines working. However, I tend to upgrade to a high spec machine (this one is i9 2.4 Ghz 8 Core 32Gig Ram.)