In the past I've constructed and used dual-boot systems, on both PCs and Macs. I've used Xen (another Type 1 hypervisor) to run various VMs. I've run VMs on various hosts in Type 2 hypervisors (usually VMware).
I would not choose to dual-boot again unless there was no other option. After you get used to the productivity of having two or three operating systems running at once, the annoyance of having to reboot to get to a different OS is just silly. The only justification would be if your application absolutely required every bit of CPU and RAM in the hardware.
This computer is going to spend most of its life as a small server. Since it is a relatively low power device, Ubuntu will likely run more efficiently natively rather than in a virtual machine. I have been exploring its capabilities. It actually runs MSFS 2020 surprisingly well with the proper settings and lower graphics resolution and detail. This actually is fairly impressive.