Dual boot is necessary if you need to connect audio hardware directly to the OS, such as with DAW software. A VM guest OS doesn't support real-time audio or MIDI, as far as I know.
I have not used Hyper V yet, but I installed the free Oracle VirtualBox
https://www.virtualbox.org/wiki/VirtualBox on my DAW PC. But just like any other program, when VirtualBox is not running it consumes no resources, other than some GB allocated to its virtual hard drive (which can be on an external drive). Depending on how you set it up, it may install some network drivers for use by the guest VM's when they are running, but they stay out of the way unless you are actually using them.
I have also worked with the free VMWare Player, which also works well, but I prefer the full featured VirtualBox better.
VM's are good choice for a secondary OS that is not tied to specific hardware drivers. Much simpler to use than dual boot, once you get it set up. I currently run Windows XP in a VM, as well as a few Linux distros. If you run Windows as a guest, you will need an additional license to activate it. I also tested with a Windows 7 Pro install and it ran fine as a VM guest.
The mouse and keyboard is captured when you open a VM window, and returns to the host when you minimize the window.
Video, sound, and network drivers don't seem to be an issue today. USB and CDROM devices can pass thru to the guest VM. You can share clipboard and/or specific folders, if desired, between host and guest.
If you want, you can even run a seamless desktop, and have windows from the guest VM appear directly on your host workspace. How cool is that? I have some old software that will not run on Windows 10, but this lets me run it on XP, side by side with my Win 10 apps.
So far, I can find no drawbacks with this method, other than the comment at the top of this post.