Thanks, Mike. This seems to work using Linux as a host (i.e., using kvm), but on Windows this hits an exception (below). Is this a limitation of the Whpx hypervisor or a missing piece of Windows-specific functionality in crosvm? Note that passing the kernel and initrd for this disk image using Windows as a host boots correctly.
PS C:\crosvm> cargo run --features all-msvc64,whpx -- run --bios .\CROSVM_CODE.fd --rwdisk .\debian-12-nocloud-amd64-20230802-1460.raw,sparse=false,root --mem size=1024
Finished dev [unoptimized + debuginfo] target(s) in 0.83s
Running `target\debug\crosvm.exe run --bios .\CROSVM_CODE.fd --rwdisk .\debian-12-nocloud-amd64-20230802-1460.raw,sparse=false,root --mem size=1024`
[2023-08-15T23:31:11.368136500+00:00 INFO crosvm] crosvm started.
[2023-08-15T23:31:11.369502300+00:00 INFO crosvm] CLI arguments parsed.
[2023-08-15T23:31:11.506935700+00:00 INFO base::sys::windows::platform_timer_resolution] Successfully set timer res to 0.5ms with NtSetTimerResolution. Measured 1526us.
[2023-08-15T23:31:11.511760500+00:00 INFO crosvm::sys::windows::main] DLL loaded: "ntmarta.dll"
[2023-08-15T23:31:11.514635600+00:00 INFO crosvm::sys::windows] Creating Whpx
[2023-08-15T23:31:11.646815900+00:00 INFO crosvm::sys::windows] Creating WHPX split irqchip
[2023-08-15T23:31:11.648689800+00:00 INFO disk] disk size
2147483648,
[2023-08-15T23:31:11.648988000+00:00 INFO disk] Disk image file is hosted on file system type 0
[2023-08-15T23:31:11.660589400+00:00 INFO crosvm::sys::windows] TSC offset standard deviation is: 0
!!!! X64 Exception Type - 0D(#GP - General Protection) CPU Apic ID - 00000000 !!!!
ExceptionData - 0000000000000000
RIP - 000000003FF634A7, CS - 0000000000000018, RFLAGS - 0000000000000006
RAX - 0000000000000000, RCX - 0000000000000017, RDX - 0000000049656E69
RBX - 0000000000000000, RSP - 000000003C01C488, RBP - 000000003FF58400
RSI - 0000000000000000, RDI - 000000003FF58400
R8 - 000000003C01C47C, R9 - 000000003C01C478, R10 - 0000000000000000
R11 - 000000003FF74D40, R12 - 000000003FF5BE98, R13 - 0000000000000000
R14 - 000000003FD60000, R15 - 000000003C01C5E0
DS - 0000000000000008, ES - 0000000000000008, FS - 0000000000000008
GS - 0000000000000008, SS - 0000000000000008
CR0 - 0000000080000033, CR2 - 0000000000000000, CR3 - 0000000000800000
CR4 - 0000000000000668, CR8 - 0000000000000000
DR0 - 0000000000000000, DR1 - 0000000000000000, DR2 - 0000000000000000
DR3 - 0000000000000000, DR6 - 00000000FFFF0FF0, DR7 - 0000000000000400
GDTR - 00000000FFFFFEE0 0000000000000027, LDTR - 0000000000000000
IDTR - 000000003C01DD70 000000000000021F, TR - 0000000000000000
FXSAVE_STATE - 000000003C01C0E0
!!!! Find image based on IP(0x3FF634A7) (No PDB) (ImageBase=000000003FF63000, EntryPoint=000000003FF6A12C) !!!!