Yes. It's implemented using a hardware IOMMU so that transfers between the PCI device and the VM can be properly mapped from the VM's address space to the host's physical address space. There's slight overhead on PCI transactions, but everything happening on the GPU is exactly the same, because the VM is running the same standard Windows drivers. The only real complication is that it removes the GPU from the host's control, so it's easiest to set up on systems with more than one GPU.