M1 (or equivalently capable) SoCs are required note that this does not work on DTKs as they do not support ARM64 on ARM64 hardware virtualization via amework. This only works on M1 Apple Silicon Macs.
The release tag corresponds to this commit: Known issues There are still many issues, but apps work at a basic level. This is a preview of some basic Android emulation functionality on the M1. In AVD Manager go to the Other Images tab as by default it doesn't show the ARM64 images. Support for downloading the M1-based emulator was added to SDK Manager, so it's not necessary to go to the Github releases page to download a standalone.
