I do this nonstop using the UTM app in Apple Silicon virtualization, not QEMU, mode. I've done this from M2, M2 Max, and M5 machines, it basically wraps the hypervisor.framework (or the current name) and i had used Asahi on an M1 before that.

With UTM wrapping hypervisor.framework, i have a complete fullscreen desktop running Linux (i use fedora earlier but Arch the last several months) with full graphics as if it were on a dedicated host.

Because it's running in an Apple Silicon hypervisor, i have macos tahoe running concurrently on separate desktops: no dual booting unlike when i was using Asahi.

I haven't looked to see if i can access graphics hardware directly or if it's hidden behind a virtio layer in UTM's wrapping of the hypervisor.framewirk.