I'm not sure if this applies to the OP but I had successfully used the Android Studio device emulator previously, then didn't use Android Studio for several months and then when I started using it again the device emulator no longer worked.

After a bit of digging I discovered that it currently doesn't work because my Lenovo laptop graphics chip, a Intel UHD 620 only supports Vulkan 1.3.215 which results in the warnings "Please update the emulator to one that supports the feature(s): VulkanVirtualQueue" and also "Your GPU 'Intel(R) UHD Graphics 620' has driver version 1.3.215, and cannot support Vulkan properly on windows" This information came from the Idea.log that you can find in "Help/Show Log In Explorer" in Android Studio.

To test that this was the issue I simply created my own device in Device Manager and in "Additional Settings" and set the acceleration to "Software". (However it runs so slowly that for me it's unusable).

I believe what happened is when I upgraded Android Studio it also upgraded the Vulkan requirements, which is why it stopped working.