Based on a couple comments on whether the VM App even runs on Big Sur. I decided to check the VM app website. I checked virtualbox.org, there isn't an official statement on compatibility with Big Sur. Checking in the forums, there are lots of problems with getting the latest version to run. I haven't checked VMWare yet. Looks I need to wait a bit before upgrading my MacMini that I use as kind of "home lab".
I run four VM through Virtualbox, and run Docker for an Apache Guacamole container. (Noticed a couple people making note of the number of VMs and asking.)