As well as bug 1677963 blocking the "run on an arm64 linux host" option, there are also not yet arm64 linux emulator builds: https://issuetracker.google.com/issues/242699119
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As well as bug 1677963 blocking the "run on an arm64 linux host" option, there are also not yet officially-supported arm64 linux emulator builds: https://issuetracker.google.com/issues/242699119