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Re:Serving Netflix Video at 400Gb/s on FreeBSD [pdf] by teknoraver on Sunday September 19, 2021 @03:56PM (#28587380)
Because the cards were in PCI passthrough, so the performance was exactly the same of a physical system
Re:Serving Netflix Video at 400Gb/s on FreeBSD [pdf] by lostmsu on Sunday September 19, 2021 @04:05PM (#28587455)
Author mentions as much as to say that there's was some indirectness at least in the interrupts.

There are also VirtIO drivers involved, and according to the article, they had effect too.