I managed to get this running in Crossover on my M4 Mac Mini, so am sharing the deets in case it helps anyone else. I haven't tested beyond ensuring the game loads and runs.
1) In Crossover, click the "Install" button in bottom-left corner, select "install an unlisted application", and point it to the SQ1 installer. I used a Win10 64-bit bottle (i.e. the default).
2) Once it's installed and you have a Crossover bottle, select "Open C: Drive" on the right-hand panel.
3) Navigate to /users/crossover/AppData/Local/
4) Create an empty folder called "SQ1" in that folder.
5) Run the game in Crossover.
Basically if you try and run it without manually creating that SQ1 folder in that location, it tries to do it itself and fails for some reason. Creating it manually seems to work.
[Edit: I used Crossover version 25.1.1, i.e. the current version.]