[IcyWindows]

Enabling hyper-v turns your base windows install into a VM host, not a virtual machine itself.

[noisem4ker]

It's kind of both. Hyper-V is a bare-metal (type 1) hypervisor. Windows runs virtualized, one level above it, in a privileged (host) VM, next to other (guest) VMs.

https://en.wikipedia.org/wiki/Hyper-V#Architecture