I've always wondered though how it works with KVM: I know KVM is a virtualisation accelerator that enables passing through native code to the CPU somehow; but it feels like QEMU/KVM basically runs the internet now. Almost the entire modern cloud is built on QEMU and KVM as a hypervisor (right?) but I feel like I'm missing a lot about how it's working.
I also wonder if this steals huge amounts of resources away from emulation, or does it end up helping out. Because to say the modern internet is largely running on QEMU is likely a massive understatement.