Incus runs QEMU with -cpu host and only does virtualization (same architecture, can do different personality). The VMs do not do emulation of other architectures through QEMU.
Hmm, maybe you can create Incus VM with qemu-system for Arm then install Incus inside it and you will be able to add it as remote to your main/host Incus
Incus uses virtio, so it isn’t doing emulation even on device drivers. I don’t think the project will promote emulating cpu instruction sets
But incus is based on qemu, and qemu supports all that, so it should be feasible to use a raw configuration for qemu: Instance options - Incus documentation