The specific functionality you describe is available in mainframes, although they are designed to always run a hypervisor. You can't practically do it in the PC world because the operating systems either expect to use a virtualisation interface, or they expect direct control over the hardware. The latter will also give better performance.

Some virtualisation environments do have hardware passthrough. A good example would be having a high performance PCIE video card which is passed through to to a guest for gaming. You can also use real storage instead of files pretending to be storage, although this is less flexible (eg no snapshots).

My recommendation is to use Ubuntu as your host OS and run Windows as a VM guest.