I believe Looking Glass is a collection of techniques to pass a framebuffer from the GPU accelerated guest "monitor" back to the host, so you can have full hardware GPU acceleration in a guest, and still treat it like a window. I've not messed with it, though. Hm. Though I've got enough hardware to, right now...
It has a server component running on the guest and a client component running on the host. I've been using it for a while with a windows 11 guest. It works but I wouldn't say it's production ready as I often get crashes. Though it's usually the server/windows component that crashes and not the client.
If going for a passthrough setup I'd generally recommend setting up evdev. It allows you to switch keayboard and mouse input to the vm by e.g. pressing both Ctrl keys. I then just have to change the video input on my display.
Many monitors support input switching via DDC, using CLI software that can be mapped to a hotkey with keyboard macro automation, https://joostrijneveld.nl/posts/2024-06-04-ddc-input-switchi...