We are going Easter Saturday and won't arrive until 10:30 am or so. Does virtual que times run out? The main reason we are going is to see that land and ride Mario Cart, so if arriving that late would prevent us from getting into that area, we would probably not do it unless we know FOR SURE we would get to experience it.
Showing up at 10:30 will be too late, most likely.
You need to be at the park by about 30 minutes before opening time to get a decent land entry slot before they are all gone.
Your only way to guarantee land entry at this point is to buy Expresss Pass (gives you ONE reservation free land entry per day).
If you DO get a VQ spot, yes, you will have guaranteed entry to the land at that time. No guarantee to ride the kart ride though.
As mentioned, the line for the ride averages about 180 minutes after the first hour of the park being open. If you get there at opening time, it will be around 60 minutes because the early entry people have already been in there for awhile.
We visited on Saturday March 18. Missed out on the early entry tickets, but arrived by 7:15, parked in Front Gate Parking (literally right in front of the security checkpoint at the park entrance) and were scanned into the park by 7:30. They held us in a line at the escalators down to the lower lot until about 7:50. We headed down and were able to walk into the land without a reservation, but that ability was cut off by 8:15. Once in the land, I made a reservation to come back at noon, and we made lunch reservations for Toadstool Cafe. The line for Mario Kart was 60 minutes at that point. By 5 minutes later, it was up to 120 minutes. By the time we were done riding, 3 hours.
By 10:30am, VQ land entry slots were gone. By 11am, Toadstool Cafe reservations were gone.