It may not be in their interest to stop it, as those are generally used for testing and building software to target ARM, which helps with their potential market share.

Similarly, MS offers free VMs to developers for Windows so that you can build and test against Windows without cost.

Qemu is used to by software developers to build better software/infrastructure/tooling for the chips that arm gets royalties from. It would be stupid for them to put up a roadblock here.