Ya, you can use multiple VMs. Here is a video I took of a laptop with LibVF.IO and an early pre-release version of GVM installed - at the start of the video you can see a fullscreen Windows VM and then I back out and open another compartmentalized 'app VM' (browser):

https://streamable.com/gd45bh

Both VMs are actually based on Windows (one simply doesn't have explorer.exe running) and each has it's own virtual GPU attached.

This laptop has a Nvidia graphics processor inside but it also works with laptops that have an Xe Intel graphics processor. I'm hoping at some point it will work well on AMD too.