Only if Hyper-V is enabled and/or WSL2 is installed. And Hyper-V is a prerequisite for WSL2.

If hyper-V is not enabled, then you’re running on metal.

You may notice a longer than normal reboot time when enabling or disabling Hyper-V compared to a normal reboot, and this is why; you’re moving from running on silicon to running in a privileged management VM or vice versa.