It uses the iphone processor (which I think still might be one of those Mchips?) so I think it was ok to be unsure.

Virtualization requires specific hardware support to be performant. There are ways to do complete software emulation of a virtual machine but it would be so slow that nobody would want to use it.

This is them confirming that the CPU has enough virtualization support that they can virtualize rather than emulate the guest OS

Yeah. It's the first production Mac using an A-chip and is a Mac that has had many things cut out for savings. The question is did Apple feature cut required functionality.