I have seen a couple of posts that are likely the same issue but wanted to share what I'm seeing. After building a macOS VM 11.x or 12.x on macOS 12 hosts (possibly 11.x as well) the VM will panic on boot sometimes. It appears to be related to having apple GPU enabled and approving kernel extensions using the system preferences panel. macOS seems to be booting up in a different state than normal after you approve a kernel extension or do upgrades.
Repro steps..
I had missed this issue with my automation for building macOS vms previously as I'm enabling the apple GPU only after tools and upgrades are completed. Hopefully, this issue can be addressed before the apple GPU feature is considered a release quality feature. Sure does work well once the VM is all dialed in tho!!
Blake