Update: this should now be fixed by version 30.5.6 of the Android emulator in the stable channel.
However, if you are now experiencing issues after updating to the latest version of the Android Emulator you can fix this by removing and then adding back the Android Emulator from the SDK Manager.
Tools > SDK Manager > SDK Tools
Uncheck Android Emulator and hit apply.
Check Android Emulator and hit apply.
Original answer:
This worked for me https://www.arthurkoziel.com/qemu-on-macos-big-sur
Essentially, create an XML file called entitlements.xml with the following contents:
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
<key>com.apple.security.hypervisor</key>
<true/>
</dict>
</plist>
Copy the XML file to ~/Library/Android/sdk/emulator/qemu/darwin-x86_64
Then run the following commands in terminal:
codesign -s - --entitlements entitlements.xml --force qemu-system-aarch64
codesign -s - --entitlements entitlements.xml --force qemu-system-aarch64-headless
codesign -s - --entitlements entitlements.xml --force qemu-system-armel
codesign -s - --entitlements entitlements.xml --force qemu-system-armel-headless
codesign -s - --entitlements entitlements.xml --force qemu-system-i386
codesign -s - --entitlements entitlements.xml --force qemu-system-i386-headless
codesign -s - --entitlements entitlements.xml --force qemu-system-x86_64
codesign -s - --entitlements entitlements.xml --force qemu-system-x86_64-headless