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VirtualBox has been packaged as a Flatpak
(ursal.zone)
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Cool that it is now a flatpak
However, I would recommend gnome boxes or virtual manager.
Via flatpak permissions.
Flatpak permissions can give access to pretty much anything, in this case, /dev/kvm.
As this uses the KVM backend, they are all essentially alternative UI for the same hypervisor.
KVM is only used for the CPU portions
Surely it uses KVM for memory isolation as well.
I guess what you are saying is that VirtualBox is still doing device emulation. If so, we agree.