Good question - yeah, the VM is actively maintained. All of the tooling for the Dart ecosystem runs on the VM, Flutter is a Dart VM project, too.
The changelog [1] always has a few entries for the Dart VM with each version, but it's quite clear from using it daily that much more is happening. Some notable recent improvements have been asynchronous breakpoints that are integrated in IntelliJ's debugger and some optimizations for sending messages across isolates.
1: https://github.com/dart-lang/sdk/blob/master/CHANGELOG.md