I just found out that I can connect Android 34 emulator with Wear OS 33 emulator on M1 Mac, and the virtual Heart Rate sensor works. I can test my Companion App for upcoming Android and Wear OS release with virtual sensor end-to-end.
It is like a dream came true.
JOB well done !!!!! My best thanks to all the hard working people to make this happen. I would like to shake your hands all day long.