I have used Qemu to emulate a 32-bit PA-RISC machine on my Windows PC which I used to boot HP-UX 11.11 in which I have successfully launched MAE 3.0 update 2. I have not found any mentions of anyone else trying this approach on the Internet so I wanted to share my discovery.
WARNING! The mouse is really wonky, I have some ideas on how to deal with this but for now controlling the cursor is very difficult. Also, I am a Qemu novice so I have not yet read up on how to enable networking so no networking for now. I have barely tested this so I do not know how stable it is.
Once I find solutions, I will update my instructions.

Setting up HP-UX
First, you must use qemu version 5.1.0. Go to qemu.org and get the installer named qemu-w64-setup-20200814.exe.
You also need hp-ux 11.11 installation media in the .iso format. It comes as four CDs.
You will need the MAE installation media in the .iso format. If you only have loose files, just use Infra Recorder to create a data CD and then instead of burning to a real disc, choose Actions -> Burn Compilation -> To a disc image. I used this to create an .iso the contains the HP-UX installer tarball and a license file.
You need to create the hard drive image. Use whatever tool you have to produce an empty 10GB file. I used the ‘dd’ command in my cygwin environment as such:
dd if=/dev/zero of=hpux11.img bs=1024 count=10M
Next, you may make qemu mount the hard disk image and boot from the first CD by running the following command from a command prompt:
cd /d <dir where qemu is installed>
qemu-system-hppa.exe -global artist.width=1024 -global artist.height=768 -boot d -drive if=scsi,bus=0,index=6,file="D:\hpux11.img",format=raw -m 512 -cdrom D:\hp-ux-1of4.iso
You will be presented with a menu, choose:
“Install HP-UX”
Keep navigating through the pages with the following choices:
“Media only installation”
“Guided installation”
“HP-UX B.11.11 Default”
“HP-UX 11i Base OS-32bit”
Swap 1024 MB
Just keep going with whatever the default suggestions are until you reach this page:
“Select Additional Software”
I just chose to installed everything by scrolling through the list and marking it as “Yes”.
Go through the rest of the dialogs with the default choice until installation begins.
At some point, you will be prompted to insert the second disc:
“To complete the installation you must now insert the B7994 1li Mission Critical OE: CD2” CD.

Just go to the Qemu menu bar and click View -> compatmonitor0

This brings up qemu’s monitor. You may issue commands to the emulator here. To insert the second disc, type:
change scsi0-cd2 d:\downloads\hp-ux-2of4.iso

Go back to the “Computer’s screen” but clicking View -> artist
Press Return.
If you waited too long to do this, you will be presented with the following:
“Unable to verify CD-ROM media content for source “B7994 1li Mission Critical OE: CD2”.

Just press 1 and then go to the qemu monitor to change the CD.
Repeat when prompted for all remaining CDs.
Once installation is complete and the emulated system reboots, quit qemu.
Installing MAE
You may now boot from the virtual hard disk by typing the following in the Windows command prompt:
cd /d <dir where qemu is installed>
qemu-system-hppa.exe -global artist.width=1024 -global artist.height=768 -boot c -drive if=scsi,bus=0,index=6,file="D:\hpux11.img",format=raw -m 512 -cdrom D:\downloads\sorting\HP-UX\hp-ux-1of4.iso
You will now be logged into a graphical environment. Go through dialogs to set your timezone and choose a root password, etc.
Once this is all done, boot into the CDE desktop.
Select the File Manager windows and go to
File -> Open Terminal

This may be difficult because the mouse cursor is hard to control. I am looking for a solution.
In the terminal, type:
cd /
mkdir cdrom
Go to the qemu monitor view and insert your MAE .iso. Go back to the “artist” view.
Type:
mount /dev/dsk/c0t2d0 /cdrom
cd /
mkdir root
cd root
cp /cdrom/hpux10.tar.gz .
gunzip hpux10.tar.gz
tar -xv hpux10.tar
cd hpux10
You must edit the installation shell script since it does not recognize version 11 of hp-ux. It was made for versions 9 and 10 only:
vi INSTALL.SH
Replace:
10.*
With:
11.*
Save and exit.
Type:
./INSTALL.SH
And go through the installation process. I kept all defaults.
Now copy the license file to /opt/apple:
cp /cdrom/license.dat.permanent /opt/apple/license.dat
cd /opt/apple/bin
Running MAE
For some reason, it ignores the DISPLAY environment variable, so must launch:
./mae -display :0.0
Click ‘Agree’ to the license agreement dialog (this will only appear at the first run).
You should now be staring at the a MacOS 7.5.3 desktop.