Not for games specifically, but there is a derivative "wine-crossover" that runs 32 bit applications fine on M1, and generally seems to work pretty well (for esoteric scientific instrument software at least, nothing with fancy graphics).
Try `gcenx` distribution of wine with crossover patches (https://github.com/Gcenx/homebrew-wine).
Work fine on M1, enough to play Heroes of Might and Magic III with various mods. I haven't tried playing the Jazz2 though.
CrossOver’s Wine builds have wine32on64 to run x86_32 programs using Rosetta 2 on M1 macs.
Available at https://github.com/Gcenx/homebrew-wine if you want to use a free build for example.
The Crossover version works well on post-Catalina systems. You can just buy it or... compile their code :) There is a gcenx build available here: https://github.com/Gcenx/homebrew-wine .
It seems this is supported in CrossOver: https://www.codeweavers.com/blog/jwhite/2019/12/10/celebrati...
And it seems possible to build CrossOver wine from sources: https://github.com/Gcenx/homebrew-wine