Most QEMU CVEs are related to devices that should never be used in cloud provider scenarios (you'll often find that they are disabled in RHEL for this exact reason). If anything, prompt handling of vulnerabilities in those devices is a sign of taking security seriously...
No doubt in my mind Google has the top-tier working on this, at least now that GCE is public-facing. I was impressed to read they actively monitor/mitigate Rowhammer, something I've not seen mentioned anywhere else (could just be my ignorance).
Xen uses a stripped-down QEMU to boot unpatched guest OSes. However, even Xen doesn't test its qemu-xen components extensively. Writing a new purpose-built emulator (assuming you know what you're doing) is a better idea.
edit: Or use PV guests, and skip all potential QEMU flaws.