Setting up a Lab environment, Netsted VMs can be useful to simulate a VM Host.

This does come with some caveats: not all Hypervisors are supported. More information in the Microsoft Docs

After creating the Host-VM, this command needs to be executed ones, to enable Virtualization on the VM.

Set-VMProcessor -VMName $HostVMName -ExposeVirtualizationExtensions $true

This command needs to be executed as Administrator and while the Machine is turned off.

To enable Networking for the Guests on the Host-VM, this command needs to be executed. It can be executed, while the VM is running, and no restarting is necessary.

Get-VMNetworkAdapter -VMName $HostVMName | Set-VMNetworkAdapter -MacAddressSpoofing On

This is only needed if the VMs want to connect to outside the Host-VM. Host-VM Private Switches work normally.

After changing the Networking Setup, it might be needed to reexecute this command.