[himinlomax]

It's pretty easy to detect an hypervisor. There was an article recently on using CPUID timing to that effect. It takes a few cycles on bare metal, but hundreds when virtualized.

There are ways to defeat the time measurement, but it gets complicated fast, and the counter-measure itself is trivial to detect.

[sudosysgen]

You can just edit that code out from outside the hypervisor and no one will be any wiser.

[blibble]

this would be the case if there wasn't an external entity with its own timesource (i.e. the game server) interrogating your machine while the game in underway

if there's a VMEXIT it will be measurable, and you have no ability to virtualise the server's clock

[himinlomax]

That applies to any anti-cheating or copy protection code anyway, so I'm assuming this will be handled similarly.