Absolutely. This is such a good tool it is a bit sad NI does not officially endorse this.
By the way I found this thread a bit more current
https://forums.ni.com/t5/LabVIEW-Real-Time-Idea-Exchange/Provide-a-Virtual-Machine-VM-in-which-to-run-LV-RT-systems-on/idi-p/1069833#comments
In particular this post with step-by-step instructions on how to begin: https://forums.ni.com/t5/LabVIEW-Real-Time-Idea-Exchange/Provide-a-Virtual-Machine-VM-in-which-to-run-LV-RT-systems-on/idc-p/3953070/highlight/true#M598
with a bit of further info instruction here to get the embedded GUI up and running: https://forums.ni.com/t5/LabVIEW-Real-Time-Idea-Exchange/Provide-a-Virtual-Machine-VM-in-which-to-run-LV-RT-systems-on/idc-p/3953394/highlight/true#M603