Here are some of my settings I have used to run qemu on the M1 

    Clone qemu

git clone https://github.com/qemu/qemu

    Change directory to qemu repository

cd qemu

    Checkout to commit dated June 03, 2021 v6.0.0

git checkout 3c93dfa42c394fdd55684f2fbf24cf2f39b97d47

    Apply patch series v8 by Alexander Graf

curl https://patchwork.kernel.org/series/485309/mbox/ | git am

    Building qemu installer

mkdir build && cd build
../configure --target-list=aarch64-softmmu
make -j8

    Install qemu

sudo make install