Only arm64/aarch64 operating systems I know are GNU/Linux or Mac OS X. I doubt the iPad is strong enough to run a usable Mac OS X virtual machine, and I don't see a ton of value running either a Linux distribution as CLI ("headless") or with a GUI on an iPad as an app in a window?
I use an app called "iSH" which gives you an x86 Alpine Linux distro and a shell you can play around with. It's pretty useful whenever I need to ssh into something, and if you're patient you can actually do some programming on it with vim or whatever text editor you want. Even clang works!
That still needs the Virtualization entitlement on iOS which I thought you couldn’t get if you’re outside Apple, unless you’re jailbroken and can work around the signing requirement. Otherwise UTM runs emulating the OS and is slow as Christmas.
Ah you are probably right, I remembered that being gated behind something but I assumed it was the altstore which was the thing you had to do for full virtualisation.