@JHendrix Can't help you on that one. What you are trying to do is not supported by Magix Vegas Pro.... Best you seek assistance from the VMware users side.
The question cannot be answered due to a lack of data on the MAC (M4 processor available?), Basically, however, the same problem exists as vice versa when operating a Hackintosh. Emulating the hardware of the other system requires a great deal of computing power, which is why “old” CPUs and hardware are usually simulated. It should therefore be quite obvious that VP12 could still run, but that the hardware requirements for VP21 can no longer be realized. And even if it were possible, the problem remains the same as when playing Windows programs via WINE in Linux, the program runs far too slowly and tends to crash, no fun..
Yeah I used to try various VMs free and paid....was always complete waste of time. This is first time I tried in years. I am blown away at the pro level seamless and flawless install/config/run of Vmware on this 2020 intel mac AMD Radeon Pro 5700 XT 16 GB 64 GB 2667 MHz DDR4 3.8 GHz 8-Core Intel Core i7. In W10 All Adobe, Pro Tools V12 all scream zero issues no lag exactly like native, I am so happy dont have to do bootcamp for same. Hard to believe V21 would choke it but you could be right.