We want to locally virtualize Windows 10 Enterprise on a Mac. The user is licensed whit a Microsoft 365 E3 license via Enterprise Agreements Subscription. The Mac was purchased during the contract term. Are we licensed sufficiently for this scenario?

The available licenses are not sufficient to cover the scenario. A local virtualization of a Windows operating system always requires a “Qualifying OS” on the device. In this case, macOS is not a “Qualifying OS” since it was purchased during the contract term of the Enterprise Agreement. To sufficiently license this scenario, an additional base license (Windows; compare table) must be assigned.

Source: Microsoft Product Terms, March 2020