Yes, you can use the --qvm=yes option to create a new hypervisor image. Please find attached a document with detailed set of instructions for getting QNX Hypervisor 2.2 running in QEMU using mkqnximage utility.
NOTE:
This entry has been validated against the SDP version listed above. Use
caution when considering this advice for any other SDP version. For
supported releases, please reach out to QNX Technical Support if you have any questions/concerns.