I have installed nvm using brew. After that, I installed node version of 16 through nvm and check the current version using node -v to see whether the node is working properly. However, when I install version 14 or any other previous versions and runs node -v, it gives this "zsh: bad CPU type in executable: node" message and I have no idea what to do about this, though, installing node v17 and running node -v works as expected. Below are the snippet of the said commands.
This is CPU related issue. It seems that your MacBook Air's CPU is Apple Silicon (M1).
You need update node version architecture on NVM.
softwareupdate --install-rosetta
Further details can be founded on NVM doc, "Macs with M1 chip" section.