It’s a bit more than running a program under seccomp strict mode, but conceptually similar, so running anything too complicated likely won't work. You certainly won’t be able to sandbox chromium for taking website snapshots for example.
But you can do whatever you want. For example in libriscv I override the global allocator in my guest programs to use a host-managed heap. That way heap usage has native performance in interpreter mode, while also allowing me full control of the heap from the outside. I wrote about this here: https://medium.com/@fwsgonzo/using-c-as-a-scripting-language...
The VM may (and should) be limited to a small subset of what's available on the host though.
> The TinyKVM guest has a tiny kernel which cannot be modified.