While you can set the time in the BIOS of a VM, there's no way to pass on a command in BIOS to run a timesync on a VM until the OS is up and running.
That would infer that VM tools would have to be involved in order to pass on that command.
A related question would be whether or not the VM tools have their own timesync mechanism, independent of the VM's settings.
For instance, does a timesync attempt occur on a Linux VM if ntp or chrony are not configured?