This includes Windows ARM (which you have to get from Microsoft by signing up with the Windows Insider program. On M1 Macs, you can ONLY install ARM-based operating systems. you can install Intel versions of Windows, macOS and Linux.
On Intel Macs it runs basically unchanged as it has for the past few years. It is ONE product, shipped as an Universal app you don't have to worry about ordering the Intel or M1 version of Parallels separately.
Converting a virtual machine from Boot Camp is now much easier and more intuitive than ever.