qemu-system-aarch64 -M virt,virtualization=on -cpu max -m 4G -smp 4 -bios
/usr/share/qemu/aavmf-aarch64-code.bin -serial stdio

used to work with qemu-uefi-aarch64-202208-150500.4.1.noarch (From 15.5)

but does not work with newer versions such as
qemu-uefi-aarch64-202402-1.1.noarch (from TW), it just data aborts immediately
before any output (visible with -d int).

The latest build from linaro works fine though:

wget
https://snapshots.linaro.org/components/kernel/leg-virt-tianocore-edk2-upstream/5312/QEMU-AARCH64/DEBUG_GCC/QEMU_EFI.fd

qemu-system-aarch64 -M virt,virtualization=on -cpu max -m 4G -smp 4 -bios
QEMU_EFI.fd -serial stdio

Bug ID	1228804
Summary	Regression: qemu-uefi-aarch64 does not work with virtualization=on anymore
Classification	openSUSE
Product	openSUSE Tumbleweed
Version	Current
Hardware	Other
OS	Other
Status	NEW
Severity	Normal
Priority	P5 - None
Component	Virtualization:Other
Assignee	jlee@suse.com
Reporter	fvogt@suse.com
QA Contact	qa-bugs@suse.de
CC	virt-bugs@suse.de
Target Milestone	---
Found By	---
Blocker	---