I have successfully managed to run a Raspberry Pi 4 Compute Module (CM) in QEMU. You can check my GitHub guide for instructions:

https://github.com/Apex-Source/Revolution-PI-Qemu/

I use QEMU to emulate my Revolution Pi device for integration testing. The Revolution Pi is based on the Raspberry Pi Compute Module 4 (CM4), so this method might also work for a standard Raspberry Pi.