The short answer is complex. While BlueStacks once worked seamlessly on Mojave and High Sierra, However, that does not mean you are out of options.
If you experience lagging, switch from OpenGL to DirectX (if available) or vice versa in graphics settings. bluestacks mac catalina
October 26, 2023 Subject: Analysis of BlueStacks emulator functionality on macOS 10.15 (Catalina) The short answer is complex