I've found this blog post from from Raymond Chen claiming that:
Strictly speaking, what it actually represents is the resources of the other virtual machines, since Windows itself is running in a virtual machine under the hypervisor. You may not be explicitly using the hypervisor, but some other features are built on top of the hypervisor.
I couldn't find any source supporting this claim.
Is a host Windows operating system really running inside a virtual machine under the hypervisor?
