You can add these to the kernel parameters:

vga=normal nofb nomodeset video=vesafb:off

The kernel parameters can be accessed by switching to the serial console (alt-2) and hitting TAB on the 1st install option.

Adding console=ttyS0 didn’t work for my set up. It does look like Arch has a login set up on ttyS1 so it may be possible to map the QEMU serial console to that port.