Even if it does work, there'd be little use in it. Hackintoshes are popular because they offer performance beyond what you can buy for a reasonable price as a consumer. Alternative ARM devices are nowhere near as fast as M1, so that use case disappears completely.
There's also the bootloader issue. On x86 and x64 the boot process has been standardized into either BIOS or UEFI mode. On ARM there are standards comparable to UEFI, but most chip vendors have their own custom bootloader code to boot an OS. Most chipsets are compatible with Android or Linux but there's only one manufacturer who develops bootloaders for the macOS platform.
Of course, this will apply to VMs only (for now at least). https://alephsecurity.com/2019/06/17/xnu-qemu-arm64-1/ was a good starting point for me.
Apple have ARM IP for instructions. So Apple Silicon is 100% ARM compatible.
They can only be used in Accelerate.framework or in the kernel, which checks and is able to work without them.