From Linux Mint 20 using Qemu 5.1.94 with KVM I can install and Run my copy of ArcaOS 5.06.
Audio output, video playback, and internet works.
Essentially I can load up a VM give it 8GB of RAM and 4 dedicated cpu cores and emulate a VESA adapter that uses my hosts GPU for running the video from the OS. I can add more CPUs and RAM as desired.
This works with my monitors resolution seems snappy for input and restarts cleanly. Packages updates without any issues.
I made a 2.5GB ram drive with Tempfs and installed the OS to that. This is an example config I used.
./qemu-system-x86_64 -L . -M q35 -vga virtio --accel kvm -m 8096 -cpu host -smp 4,sockets=1,cores=4,threads=1 -cdrom 'dev/sr0' -boot menu=on -device piix4-ide -drive file=/dev/ram0,id=disk1,format=raw,if=none -device ide-hd,drive=disk1 -device e1000,netdev=net0 -netdev user,id=net0 -audiodev pa,id=ad0,out.mixing-engine=on,out.buffer-length=512,timer-period=1000 -device AC97,addr=05,audiodev=ad0
I only have 2 days experience with ArcaOS... Please keep that in mind. There is undoubtedly room for improvement in that config.