Do you know if the A series processor supports virtualization?

The A-series has supported virtualization since long before the M-series existed. iOS disables it in early boot, though.

On the other hand, how much virtualization are you really going to be doing with 8GB of RAM?

The hardware support was there for a while. Given that this runs macOS, i would guess (no insider knowledge) that it would work just fine and not be disabled like it is in iOS (by policy, not by technical reasons)