Did few minutes research on qemu over breakfast. Whats important is how you bring qemu up on the host machine, e.g. how you boot. If you use the linux/multiboot set up:
https://www.qemu.org/docs/master/system/invocation.html#hxtool-8 then you need to update the parameters passed to the new kernel version.
If you are booting from an iso, then you should be able to fdisk the iso, and see whats on it (I think, been few years since I last did this).
But this then takes you back to how did you install arch linux arm in qemu in the first place, usually arch comes as tar file of root + some actions you do to get uboot to boot into arch. This is what you'll need to look at, whatever you did at install is what you'll need to change to point to the new kernel.