I can’t see why it shouldn’t work as the VM details do not change. The software on the VM does not use hardware details from the hypervisor for licencing. It should also work with live migrations as you wouldn’t need to do a manual changeover as with a hardware key.
I don’t have a system here to test it on but I’m guessing it should work fine. Just the same as any software on a VM doesn’t lose it’s licencing when migrated.
Mike