Only 50% success.
My full installer VM BigSur 11.3b1 (20E5172i) on BigSur 11.2.3 host was successfully updated to 11.3b4 (20E5195f) today.
My upgraded VM BigSur 11.3b1 (20E5172i) on BugSur 11.2.3 host could not be updated to 11.3.b4 (20E5195f). Unfortunately it is now stuck in reboot loop again.