I started Android Studio 4.1
in macOS Big Sure 11.0.1
with new ARM cpu M1
After installing Rosetta: Yes, it builds !
But the Emulator has problems, it shows me CPU does not support VT-x
Even ARM images have this issue
I used the most recent, a very old api25 (Google has to do here something) but it's increadible slow
How to make the Emulator work and fast ?
Good news !
I can confirm, this preview works properly https://androidstudio.googleblog.com/2020/12/android-emulator-apple-silicon-preview.html
Ok it has some limitations, but it works and it's fast
Edit on 4th Feb 2021
Now audio in and out works properly https://github.com/741g/android-emulator-m1-preview/issues/10#issuecomment-773532762