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A lot of well-known Docker alternatives emerged at this point, the most commonly recommended of which must be Podman (along with Podman Desktop). This is what I use on my Windows machines, and this was the first solution that I tried on the Macbook as well.
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InfluxDB
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While looking into the issue with Podman, I came across colima. Apart from being able to run AMD64 images out of the box, there were additional benefits to it, one of which was, unlike podman, colima could use Rosetta 2 for x64 emulation (which is significantly more performant).
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Unlike docker-desktop or podman-desktop, you need to manually start colima every time you log off. You can work around this by using brew-services: