UTM appears to be based on qemu, and it has full emulation capabilities.
edit: in addition to native virtualization, as noted below
edit: in addition to native virtualization, as noted below
- Hardware accelerated virtualization using Hypervisor.framework and QEMU
- Boot macOS guests with Virtualization.framework on macOS 12+
So, it does use Virtualization.framework for macOS guests.
https://wiki.qemu.org/ChangeLog/6.2#Arm
>On macOS hosts with Apple Silicon CPUs we now support the 'hvf' accelerator for running AArch64 guests
(macOS 11.3+ Only) Bridged networking and shared networking support.