I don't have very many machines running VMs, but IIRC the last time I set up libvirt (on a tiny, cheap Lenovo box to virtualize Home Assistant), it went something like this:

pacman -S virt-manager

...and the whole libvirt/KVM/QEMU dependency tree got pulled down, installed, fiddled whatever I needed to fiddle to make it start at boot, and it generally worked. I manage it with virt-manager on another machine.

Performance seems fine, and configuring the virtual machines themselves is not really much different with virt-manager than it is with virtualbox.