Is there anything that can run a normal Linux VM guest with good quality graphics acceleration on Windows host (i.e. both full OpenGL and Vulkan support)? Not the gimped half VM over HiperV.
VirtualBox has really broken graphics support, you can only run software rendering Linux DEs that way.
You can pass a GPU to the vm if you have more than one. GPU vendors have been gating GPU virtualization for data centers only. Or you can run X on windows like wslg does it.
WSL2 already allows you to use your own GPU driver as a paravirtualized GPU over open source Mesa d3d12 driver. You get quite good OpenGL performance with that.
There are projects like this https://github.com/jamesstringer90/Easy-GPU-PV that you can use to setup a Hyper-V machine to use the same paravirtualization.