While I can't speak to how it'll work on an M1 chip, as a local Linux perv I can certainly share my tales of getting this sort of stuff to run via wine or virtual machines. And if we're talking genuine Japanese H-games here you'd be better off going the VM route, especially if you're looking at playing older titles.
Why? Wine is YMMV at the best of times, and there is quite the learning curve attached. Though I've certainly been able to get VNs running, it's not been without a share of font display issues, codecs running afoul during OP videos, and other odd behaviour that I just don't know where to start troubleshooting from (yes, appdb.winehq.org is a thing, but the perverts there aren't exactly sharing their knowledge with the rest of us). And it definitely gets worse the older the game is.
The WinXP VM I have running from time to time, this one causes me fewer headaches for the VNs I load through it. Just needs a bit of reading on how to set one up properly & maybe a bit of tuning to figure out the right amount of system resources to give it access to (processing speed/memory), and you should be good.
So my suggestion for your case? I'd second the above suggestion of looking into UTM, but I'd say going for Win7 rather than 11. UTM seems to support it (you have to supply your own install media), and it should be a lighter load on your system to use. Also, I do recall hearing that Win10 borked quite a bit with older games (and I doubt Win11 has fixed that), so unless you're looking at playing the latest and greatest in H, Win7 is probably the sweet spot (just make sure to not let it touch the internet, as it's no longer supported after all.)
Quick Reminder: I am not a Mac user, so take above with a grain of salt. And do the proper reading & research before you do anything on your system. I'm just saying that VMs give smoother experiences than Wine when it comes to H-games from my experience, or at least they do so on Linux.
Edity edit: Scratching above because A)I totally forgot about the whole ARM processor thing and B) I found that Windows 11 ARM seems okay to get VNs to run (on an M1 via Parallels no less), much to my amazement. Now if you'll excuse me, I'm going to be actually useful and play in traffic now.