The "hardware acceleration" that helps QEMU emulate a computer operates in root VMX and non-root VMX (when actually executing guest instructions) modes. When operating in root VMX mode as a supervisor, it has approximately the highest privileges in the system (ignoring SMM), as it is operating in host ring 0. QEMU runs in host ring 3, making it a typical user mode process. If you manage to compromise QEMU (and only QEMU), you have only escaped into host user mode. In that case you haven't compromised the hypervisor, merely the virtual machine monitor.
If, on the other hand, you manage to compromise KVM (or vhost) you could reasonably claim to have actually compromised the hypervisor.
Type 2 hypervisors make this generally much uglier than type 1, but it's reasonable to say that the hypervisor in a type 2 deployment is limited to the kernel component rather than the user-mode VMM.