- Have the user-facing OS be a VM managed by that hypervisor
- Have the game process run under a second sibling VM
The hypervisor can then mediate hardware access and guarantee nothing from VM A can access VM B nor the other way around.
IIRC WSL2 enables such a mode, both the Windows OS the user sees and the Linux VM run under Hyper-V as siblings VMs.
And Xbox One and up do EXACTLY the above: each game runs in its dedicated VM (I presume that's what "trivially" enables Quick Switch/Resume via pausing/shapshotting the VM) and apps run in another.
Tangent: I somewhat wish MS would allow WSL2 on Xbox.