Run Windows and MacOS at the same time using 2 different hard drives on the same computer

I think this question has been asked before, but it's been a while so here goes.

Would it be possible? Using something like the Picture-by-Picture mode that comes with most higher end monitors nowadays, to run MacOS and Windows off the same computer (i.e. off the same components, but both hard drives running at the same time for different OSes)?

I understand that it might not be possible to do so natively. If so, what about as a VM? I would really like to explore this route. Thanks!

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