I'm not an expert on this, but my understanding is that GPU acceleration in virtual machines uses a "passthrough" method where the graphics calls on the guest system are simply translated to public APIs on the host system, and go through macOS's GPU drivers as usual. VMWare Fusion has had this capability on M1 since about a month or two ago.
This project is designed to provide an open-source replacement for macOS's GPU drivers in order to boot Linux bare-metal, so it solves an entirely different problem. Maybe some of the knowledge will carry over -- especially the userspace side of things Alyssa was working on -- but as far as I know this is not automatically transferrable.
