In pretty much every case, "virtue signalling" is code for "this person is being virtuous, and I don't like it".
Of course it is weird because the person doing the accusation of hypocrisy is actually against the virtuous act, and is thus for people not believing in the virtue.
It's a weird rhetorical trick that sounds sort of unhinged the more you hear it.
To put things into context, I hear/see the above issue orders of magnitude less often than people parroting right wing talking points, but in the cases where I think the accusation is well-founded, I don't think it's about hypocrisy at its root. I think it's about being disingenuous. Then again we may be using two words to mean the same thing.