M3 Ultra with 512GB memory and 2 VM limit

You need to provide details as you're specifically talking about macOS virtual machines and the licensing limit Apple imposes.

The answer is no.

https://khronokernel.com/macos/2023/08/08/AS-VM.html

https://kb.parallels.com/128867

https://github.com/utmapp/UTM/issues/5563

You need to give more details about it.