Since I never got my answer, I went ahead and did it anyways.
Long story short: It only works until you're required to login with your corporate Google account. In other words, universally useless.
The work profile gets created, but it has no apps because it's unable to see Play services and Play Store.
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: Couldn't get play services version
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: android.content.pm.PackageManager$NameNotFoundException: com.google.android.gms
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfoAsUser(ApplicationPackageManager.java:256)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfo(ApplicationPackageManager.java:216)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfo(ApplicationPackageManager.java:210)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.utility.AfwUtils.isPlayServicesAboveRequiredLevel(SourceFile:12)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.AndroidForWorkAccount.showProgressMessage(SourceFile:1)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.GoogleAccount.prepareRegistrationImp(SourceFile:16)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.AndroidForWorkAccount.prepareRegistration(SourceFile:69)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.prepareOrUpdateRegistration(SourceFile:90)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.lambda$initializeWorkRegistration$0(Unknown Source:0)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.d(Unknown Source:0)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.k.run(Unknown Source:4)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:463)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at java.util.concurrent.FutureTask.run(FutureTask.java:264)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Handler.handleCallback(Handler.java:942)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Handler.dispatchMessage(Handler.java:99)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Looper.loopOnce(Looper.java:201)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Looper.loop(Looper.java:288)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.HandlerThread.run(HandlerThread.java:67)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: Couldn't get playstore version
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: android.content.pm.PackageManager$NameNotFoundException: com.android.vending
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfoAsUser(ApplicationPackageManager.java:256)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfo(ApplicationPackageManager.java:216)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.app.ApplicationPackageManager.getPackageInfo(ApplicationPackageManager.java:210)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.utility.AfwUtils.isPlayStoreAboveRequiredLevel(SourceFile:12)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.AndroidForWorkAccount.showProgressMessage(SourceFile:5)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.GoogleAccount.prepareRegistrationImp(SourceFile:16)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.delegate.afw.AndroidForWorkAccount.prepareRegistration(SourceFile:69)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.prepareOrUpdateRegistration(SourceFile:90)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.lambda$initializeWorkRegistration$0(Unknown Source:0)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.RegisterAndroidWorkAccountWizard.d(Unknown Source:0)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at com.airwatch.agent.ui.enroll.wizard.k.run(Unknown Source:4)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:463)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at java.util.concurrent.FutureTask.run(FutureTask.java:264)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Handler.handleCallback(Handler.java:942)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Handler.dispatchMessage(Handler.java:99)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Looper.loopOnce(Looper.java:201)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.Looper.loop(Looper.java:288)
12-15 15:11:37.394 10637 12828 E AirWatch_AfwUtils: at android.os.HandlerThread.run(HandlerThread.java:67)
This probably makes more sense knowing Play services has the privileged capability of interacting across profiles on stock OS, but not GrapheneOS.