VirtualMac2009 wrote: " So, how does Mac OS X Server 10.6 (Snow Leopard) is virtualized (not emulated) in VMware Fusion 11.5.3 in macOS 10.12 Sierra in Intel x86-based Macs to run PowerPC applications like Eudora Mail and Palm Desktop? Because that means PowerPC applications being virtualized (not emulated) in Intel x86-based Macs."

A Mac running Snow Leopard is what is being virtualised. That virtual Mac (with the same Intel processor as the host) is able to run PowerPC code via translation to Intel code using Rosetta. The Intel instructions output by the translator are being executed by the virtual machine.

To get PowerPC code working on an Apple Silicon Mac, you would need to emulate (not just virtualise) an Intel Mac running Snow Leopard Server. An emulated Intel Mac running Snow Leopard Server would also be able to run PowerPC code, because Rosetta (in Snow Leopard) would translate PowerPC to Intel instructions, then the emulator would interpret the Intel instructions and execute corresponding ARM instructions.