It will depend on your requirements. Parallels uses MacOs visualization support and UTM uses processor emulation. This means Parallels can only host an O/S that supports ARM, where UTM supports many different cpu types.
If you pick Parallels you will use windows 11 for Arm and visual studio for arm. This will be the highest performance and most integrated with Mac, run VS as a Mac windows, file and printer sharing, etc. Parallels worked with both Apple and MS to get a well supported product.
If you pick UTM, you can run an intel version of windows, and have better development support. Because the hardware is emulated it will not be as performant as parallels.