Windows XP slow on Apple M1

Qemu installed by using brew install qemu -s on M1

QEMU emulator version 5.2.0
XP image from: https://archive.org/details/WinXPProSP3x86

Commands run:
$ qemu-img create -f qcow2 xpsp3.img 10G
$ qemu-system-i386 -m 512 -hda xpsp3.img -cdrom WinXPProSP3x86/en_windows_xp_professional_with_service_pack_3_x86_cd_vl_x14-73974.iso -boot d

It's taken 3 days now with qemu running at around 94% CPU and installation hasn't finished. The mouse pointer moves and occasionally changes between the pointer and hourglass so it doesn't seem to have frozen.