I very much doubt it. Apple's M1 SOC is not a standards base design and the OS is very specialized to their hardware. As far as I know they don't even support external PCIe GPUs on the platform.
With additional work, it should be "possible" to do this on an ARM device and use KVM to get virtualized performance, with unsupported instructions/features trapping back to the hypervisor and being emulated in software.
All that said, it will probably be a long time (if ever) that you will be able to boot a virtualized ARM MacOS up to a graphical desktop.
Can you run it in some capacity? Yes. See https://blogs.blackberry.com/en/2021/05/strong-arming-with-m... and https://news.ycombinator.com/item?id=25064593
With additional work, it should be "possible" to do this on an ARM device and use KVM to get virtualized performance, with unsupported instructions/features trapping back to the hypervisor and being emulated in software.
All that said, it will probably be a long time (if ever) that you will be able to boot a virtualized ARM MacOS up to a graphical desktop.