The EULA states
provided the Software is in use on only one computer at any time. The Software is “in use” on a computer when it is loaded into temporary memory (RAM) or being executed in other ways.
Config profiles were created to handle the case you describe. And you avoid the extra work needed to deal with VMs and also the unnecessary overhead and performance degradation VMs cause.
It is unfortunate that Roon doesn’t support adjusting any HQPlayer settings. But you can use HQPlayer Client or HQPDcontrol to adjust settings or switch config profiles. JPlay also allows adjusting settings, but not at the moment switching config profiles.