Do Spectre-V4 mitigations protect VM guests?

While reading the release notes for 7.6, the first change is "Implemented Spectre-V4 mitigations for arm64". There's now a number of Spectre-type flaws and mitigations, and I realize I don't know enough about them.

An idle question that popped into my mind was: Does this mitigation protect vmm/vmd guests? If so/if not, does this generalize software mitigations for all Spectre exploits?

I'm primarily interested in a situation where I run an up-to-date OpenBSD with this mitigation on bare metal, and then run an older OpenBSD or a linux variant in a VM.

// Anders