OpenIndiana stuck in boot loop when using hvf

I'm using QEMU version 5.2.0 on macOS, and running the "OpenIndiana Hipster 2020.10 Text Install DVD (64-bit x86)" ISO:

qemu-system-x86_64 -cdrom ~/Downloads/OI-hipster-text-20201031.iso -m 2048 -accel hvf -cpu host

It gets to "Booting...", stays there for a bit, and then restarts.