Technically the AArch64 instruction set and the memory system are the only parts that are 'hardware accelerated'. QEMU handles everything else in software.

  $ nm /Applications/UTM.app/Contents/Frameworks/libqemu-aarch64-softmmu.utm.dylib  | grep -i hv_
                 U _hv_vcpu_create
                 U _hv_vcpu_destroy
                 U _hv_vcpu_get_reg
                 U _hv_vcpu_get_sys_reg
                 U _hv_vcpu_run
                 U _hv_vcpu_set_pending_interrupt
                 U _hv_vcpu_set_reg
                 U _hv_vcpu_set_sys_reg
                 U _hv_vcpu_set_vtimer_mask
                 U _hv_vcpus_exit
                 U _hv_vm_create
                 U _hv_vm_map
                 U _hv_vm_protect
                 U _hv_vm_unmap

https://github.com/utmapp/qemu/tree/apple-silicon

https://developer.apple.com/documentation/hypervisor/apple_s...

Emulation, which goes through a hypervisor. I don’t believe graphics are yet.

Specifically arm64 guests, otherwise it's just QEMU's TCG.