Hi remotecontroller,
If we talk about Windows VMs, then they can use up to half of the memory assigned to them for Windows graphics purposes. By assigning more RAM to a Windows VM, you will be able to increase the VRAM.
Note that while a virtual machine does use the resources of the GPU, it does so indirectly. The virtual machine relies on the macOS graphics application programming interfaces, or APIs (Metal, OpenGL) but it doesn't have direct access to the graphics processing unit (GPU) or its memory. Windows OS video memory is allocated from Mac's RAM and acts more as a transitional buffer to pass the volumes of data between a virtual machine operating system APIs (Direct3D, OpenGL) and macOS APIs rather than actual storage. So, the amount of virtual graphics memory doesn't need to match physical GPU memory because the usage scenarios are different, and allocating more VRAM won't always have a positive performance effect.
Hope it helps.