David: Indeed ! How stupid I am. I missed the root cause inside QUEMU log file. 
This was clear enough...
error: kvm run failed Device or resource busy
This is probably because your SMT is enabled.

So I switch SMT (Power Simultaneous Multi-Threading) off and now it's
OK; VMs are running and installing.

It had been years since I last touched KVM on Power and I lost my reflexes.
So please forget my precedent comment telling I had the same issue on Power 
platform. It was similar symptoms but not the same problem.

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https://bugs.launchpad.net/bugs/1866870

Title:
  KVM Guest pauses after upgrade to Ubuntu 20.04

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