I've set up several Hackintosh machines in the past (bare metal / no hypervisor), but lately I've been using QEMU/KVM almost exclusively - specifically through Proxmox (I tried ESXi for a while, but I prefer the flexibility of QEMU/KVM). Most of the details from the linked guide can be adapted for Proxmox fairly easily.
For me, the killer advantage of using a hypervisor is the ability to easily create and restore snapshots. This eliminates the worry of macOS updates making your system unbootable, and allows you to test Kexts and other configuration changes (with any Hackintosh system, you're likely to need some trial and error to get things working after major updates) without fully committing and possibly getting stuck with changes that are difficult to reverse.
It only takes a few (dozen) times booting into single-user mode and trying to revert configuration changes to realize that snapshots are incredibly awesome :)
Hardware compatibility is still important, though it mostly boils down to needing a CPU with VT-x or AMD-V enabled, along with a compatible GPU for pass-through. I've had good luck with NVIDIA GeForce GTX and some older AMD Radeon cards (AMD cards needed a DSDT tweak). Audio over HDMI can be a little tricky, but I've gotten it working with every GPU I've tried. Those challenges are mostly the same whether you use a hypervisor or not.
Performance-wise, it's been pretty comparable to native performance, at least for general every-day use as a home computer for the family (streaming video services, casual gaming, some web/app development, etc).
For me, the killer advantage of using a hypervisor is the ability to easily create and restore snapshots. This eliminates the worry of macOS updates making your system unbootable, and allows you to test Kexts and other configuration changes (with any Hackintosh system, you're likely to need some trial and error to get things working after major updates) without fully committing and possibly getting stuck with changes that are difficult to reverse.
It only takes a few (dozen) times booting into single-user mode and trying to revert configuration changes to realize that snapshots are incredibly awesome :)
Hardware compatibility is still important, though it mostly boils down to needing a CPU with VT-x or AMD-V enabled, along with a compatible GPU for pass-through. I've had good luck with NVIDIA GeForce GTX and some older AMD Radeon cards (AMD cards needed a DSDT tweak). Audio over HDMI can be a little tricky, but I've gotten it working with every GPU I've tried. Those challenges are mostly the same whether you use a hypervisor or not.
Performance-wise, it's been pretty comparable to native performance, at least for general every-day use as a home computer for the family (streaming video services, casual gaming, some web/app development, etc).