Is there any way where I can use latest licensed mac OS in a virtualized environment?

Apple's answer is in their license agreement for macOS. Use it as a virtual machine guest, only on Apple hardware, running macOS.

While Apple allows you to virtualize running Windows, Linux and older macOS's in a virtual environment, it's macOS software license is for running only on Apple hardware.

There is an active "Hackintosh" community out there running Apple software on non approved hardware.

Some folks run older macOS's in a virtual environment to use outdated software. Many folks will run Beta software in a virtual environment to test it out.

Finally, I know many people who buy Apple hardware, but then run Windows either in Bootcamp or in a virtual environment because they really like the quality of Apple's hardware. My vet does this to take advantage of Windows only accounting software, but then uses the macOS and apps for other tasks like graphics, website, newsletters, etc…

Hope this helps, Greg

It would be more accurate to say that installing it on non-Apple hardware violates the licensing agreement.

Not legally, no.

The MAC OS can't be installed on any machine hardware except Apple's.