As an update to this, I was able to download a simulator for 9.2P4 and had no problems getting it to the boot menu without a panic. So it appears something has changed from the 9.2 simulator to the 9.3/9.4 simulator .
Just a guess, but the newer ONTAP releases may be expecting instructions missing in your CPU. vsim just says you need VT, but Select, which runs essentially identical binaries, calls out Haswell. I'd try it on a newer host and see if you have better luck.
If this post resolved your issue, help others by selecting ACCEPT AS SOLUTION or adding a KUDO.