I believe that I have experienced this on various Debian 11 host kernels, including 5.10.0-17, 22, and 23. The hypervisor is the default KVM. A variety of other guests including CentOS, Rocky, Alma, and Fedora are fine, it is just multiple Debian 11 guests with kernel 5.10.0-22, and 23.
My Host CPU is "AMD Ryzen 9 5950X 16-Core Processor".
My guest was failing when the selected guest CPU was "AMD EPYC-Rome Processor", unchanged since installation.
My guest was working on all guest kernels, when the guest CPU was changed to "AMD EPYC Processor". It continued working on 23 after changing the guest CPU back to "AMD EPYC-Rome Processor".
Regards,
Douglas