Close, but not quite -- you can't nest the VMs the way you can on "big iron"
"PC" virtualization's getting closer to big iron virtualization, but likely will never quite get there.
Also -- I was running virtual machines on a 5150 PC when it was a big fast machine -- the UCSD P System ran a p-code virtual machine to run p-code binaries which would run equally well on an apple 2. In theory.