Yes, it's possible and supported. QEMU can emulate an aarch64 system, and Google provides aarch64 Android builds for virtual machines specifically, called "Cuttlefish". Search for keywords "Android Cuttlefish QEMU" for instructions.

The official Android "emulator" supplied by Google is qemu. If you're not satisfied with it for some reason, IIRC I used these images some years ago on top of vanilla qemu:

https://www.fosshub.com/Android-x86.html

They don't seem to be well supported anymore, and there aren't many prebuilt alternatives. One can always compile AOSP from source, though Google does not make this easy.