It is possible with QEMU 8 (8.1 will fix a shutdown bug, the fix is in master) to create a VM with working audio, though it's somewhat imperfect. There's something weird with network and audio where the network breaks audio loads first, but there is a workaround.

If you move SYS:MorphOS/Devs/AudioModes/PEGASOS somewhere out of the way after install and reboot it's sufficient to get the network working. Then set up via the user-startup script for example `AddAudioModes Files Work:PEGASOS` and audio will also work. I don't know if I overdid it with the complexity but from user-startup I run:
`RUN >NIL: EXECUTE Work:start-ahi`

start-ahi just has
```
wait 30
AddAudioModes Files Work:PEGASOS
```

I created a bug here when I encountered the problem: https://osdn.net/projects/qmiga/ticket/48376

And below is adapted from https://www.amiga-news.de/en/news/AN-2023-04-00086-EN.html

qemu-system-ppc -name guest=MorphOS -machine pegasos2 -m 1024 -bios pegasos2.rom -device ati-vga,romfile='',guest_hwcursor=true -drive if=none,id=hd,format=qcow2,file=MorphOS.qcow2 -device ide-hd,drive=hd,bus=ide.0 -drive media=cdrom,if=ide,bus=1,file=morphos-3.18.iso -serial stdio -netdev user,id=net0 -device driver=ne2k_pci,netdev=net0

`boot cd boot.img` to install, then `boot hd:0 boot.img` to boot from disk.