Will KVM affect the Host Gaming performance besides less CPU/Memory available?

In my Linux box I sometimes Game a little, it has discreet graphics. Will having that computer be a KVM Host affect gaming? (Significant impact in how drivers work, or significant reduction to frame rate).

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I know that depending on I/O, CPU Load it could affect regular OS performance and Gaming, but just the fact that I install it will it affect general performance or transcoding using GPU? (Not planning to using guests with accelerated GPU)

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Thanks!