ntpd not adjusting clock in vm

I'm running OpenBSD 7.4 in qemu VM on my laptop. After hibernation,
vm clock is delayed.

ntpd works in background, but it fails to adjust the clock:

reply from 162.159.200.1: offset 0.005599 delay 0.013842, next query 32s
reply from 139.162.219.252: offset 0.007199 delay 0.011274, next query 30s
reply from 162.159.200.123: offset 0.007154 delay 0.010765, next query 31s
reply from 131.111.8.61: offset 0.007642 delay 0.016057, next query 30s
adjusting local clock by 4686.953122s
(...)
reply from 83.151.207.133: offset 0.011828 delay 0.014193, next query 33s
reply from 139.162.219.252: offset 0.009902 delay 0.011271, next query 32s
reply from 131.111.8.61: offset 0.010350 delay 0.015616, next query 33s
adjusting local clock by 4686.164970s
reply from 162.159.200.1: offset 0.013156 delay 0.011764, next query 34s
reply from 131.111.8.61: offset 0.013905 delay 0.017363, next query 30s
adjusting local clock by 4686.001301s

However, the lock does not budge at all. I can still manually set
the clock by date -s HHMM.

Not sure how to debug it. Is it because I'm using vm and it doesn't
support?

diso# dmesg | grep pvclock
pvclock0 at pvbus0

Best regards,
Chris Narkiewicz