If you have more than one GPU (even as in one on-board and one discrete) you can, with some effort, dedicate one of them to a VM and let the host use the other. Low-yield crypto mining is a common usage for that kind of arrangement, but I suppose VMs would work just fine too.

Or go full Unix and attach a serial terminal to the console port and happy linuxing from there while you ignore the built-in gaming console running off a VM. This is more or less what every modern console does anyway - a hypervisor under everything. ;-)