Data from https://www.appbrain.com/stats/top-android-sdk-versions
So starting from Android 6 or 7 is the minimum point.
I have trouble starting Android 6 and 7 VM (arm64) on M1 MacBook Pro using qemu-arm64. Hopefully the next version of Android studio (canary) will fix it.
I have no trouble with Android 11 VM on M1 Mac (ofc, this is latest).