Yes. The 2014 mini still has an Intel CPU, and will run Monterey/Big Sur and Fusion 12.2.3. The 2014 mini has 2 cores, so don't expect to run more than 1 VM at a time. Also depending on how much memory you have you may be limited as to how large of a VM you can run. Unfortunately with this model the memory is not upgradable. You should have at least 8GB, and 16GB would be better.
Hopefully you have a Fusion drive on that mini (or have replaced the stock drive with an SSD). Any macOS version that requires an APFS boot disk (either Big Sur or Monterey) does not run well on a "spinning rust" HDD - especially the 5400 RPM ones that Apple put in that mini.
I have one of these 2014 minis (8GB with a 500GB SATA SSD replacing a 1 TB non-Fusion HDD). It will run one Windows 10/11 or Linux VM configured with 4GB memory and 2 vCPU with acceptable performance if you aren't taxing the Mac with other activities.