No, Apple Silicon-based Linux is why VMware Fusion exists. 😉 You can currently virtualize ARM-based distros, but if this new release leverages Apple’s implementation of ARM for M-series chips better, I’ll probably create a new VM and migrate what I need from the old one.
If it worked, more power to you, but I make it a habit not to forcibly mount and poke around in Time Machine backups outside of the supported OS methods. The amount of risk varies, but there’s always the chance you could do something to corrupt the backup set, and then you lose the whole enchilada. That’s usually more risk than I’m willing to assume.
This is why I leverage iCloud storage heavily. If my M1 MacBook Air died tomorrow and something horrible happened to my Time Machine drive, I could still pull things down from the cloud regardless of OS version. Couple that with ADP (Apple Data Protection), and it’s a pretty safe and secure way to share files between systems.