Yea this should work because the license merely says it must be on Mac hardware and given that you're not letting everyone share/use the computer like AWS the new restrictions won't really matter.

> Could you virtualize a newer MacOS version on your Mac hardware?

Yes but I'm more likely to vierualize on my more powerful and better value PC. The EULA is rather hard to enforce and I don't have any moral qualms in this particular case.