There's both Apple's Hypervisor framework (a lower-level framework for hypervisors to use to avoid needing a kernel extension), and Apple's Virtualization framework (which is a higher-level framework that lets you run Linux and macOS VMs). QEMU supports virtualization on macOS with the HVF accelerator, which uses the Hypervisor framework. UTM uses QEMU, supporting virtualisation through QEMU with HVF (as well as emulation of other architectures with QEMU). UTM also has support for using the Virtualization framework. But either way, with an ARM64 image, you'll be getting virtualization (unless you disable HVF when using QEMU).
