Depends which one you mean. Three out of five of them are. Victoria Island, Nigeria definitely is. Ditto Victoria Island, Chile and Victoria Island in California. Google Earth shows Victoria Island in the Russian Arctic is well within (i.e. north of) the Arctic Circle.
That leaves Victoria Island, Canada, which I'm guessing is the one that prompted the question. No, it is not south of the Arctic Circle. In fact, Victoria Island, Canada is entirely within (i.e. north of) the Arctic Circle, the largest island in the world with this distinction (and ninth largest island in the world, period).
North
There are at least five Victoria Islands. The one in Canada is north of the Arctic Circle.
Iceland
Iceland
It is south of the Arctic circle.
Greenland but nothing is really partially north ANDpartially south.
the Himalayas are south of the Arctic Circle
Mostly south, but the Arctic Circle does cross through parts of it.
Iceland
The Arctic Circle is north of the Equator, and the Antarctic Circle is south of the Equator.
You can find the Antarctic Circle about 23 and a half degrees north of the South Pole.
the arctic circle is north of the tropic of cancer