If you want to do this now with little setup, run waydroid and then run wireshark inside the network namespace that is created for waydroid
sudo ip netns exec <netns> wireshark
sudo ip netns exec <netns> wireshark
To get the traffic routed right, the Wireguard option for mitmproxy is pretty useful in my experience. Not sure how well Waydroid + Android VPNs work together, though.
EDIT: Oh, look at this https://mitmproxy.org/posts/wireguard-mode/. TIL.
If root is not an option, injecting Frida into the APK will work (but that might break applications that verify signatures).