1. You need Parallels Desktop with M1 support — https://www.parallels.com/ru/products/desktop/trial/
2. Also you need an insider account on Microsoft web site to download win 11 for arm — https://insider.windows.com/ru-ru/
3. Then you need to download Win 11 for arm — https://www.microsoft.com/en-us/software-download/windowsinsiderpreviewARM64
4. Download Heroes 3 Hota on the internet (many links are there).
5. Set compatibility mode for the game link (Properties→Compatibility→Compatibility mode→Run this program in compatibility mode with Windows 98; also there — Windows on ARM→Change Emulation Settings→In the dropdown, change «Default» to «Safe emulation»).
6. When the game runs for the first time, Windows installs DirectPlay drivers.
The same in Russian (original with images) — https://vk.com/topic-28951892_29066912?post=4297
Updating the game version
Updating through launcher is not working for me.
So you would need to visit a site with the final update (like this one — https://sites.google.com/site/heroes3hd/eng/download), and install it to the directory where you have your game installed already