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Windows VM Tips
For using a windows VM via libvirt/KVM/qemu/virt-manager
Here is a thread about excessive context switching. There is a solution here (supposedly). Additionally it is proposed in this thread to remove the USB tablet device to reduce context switching (so I did that).
Installation
Only packages really needed (Ubuntu Server 22.04) are libvirt, qemu-kvm, libvirt-daemon-system.
Add users who will use the VM to libvirt group.
Creating VM
If libvirtd.service is running (it should be) then just connect and create using virt-manager (either locally or remotely via ssh, e.g. virt-manager -c qemu+ssh://[ip]/system)
I also needed the virtio Windows drivers to add as a disc when booting so that Windows could see the virtio hard drive. After install I ran the setup file inside which enabled some GPU stuff.
Install SPICE guest tools to allow console resizing on Window resizing, and clipboard integration.
I found that virtio video driver still has some bugs - SPICE will stop resizing after rebooting after installing spice guest tools and will never work again. QXL video works perfectly.
Install location
By default libvirt/virt-manager/something puts the disk .qcow2s in /var/lib/libvirt/images (root access required to read).
CPU usage
Windows is a nightmare and sucks up craploads of CPU all the time because of course it does.
Useful commands to debug some of this:
# perf kvm --host top -p `pidof qemu-system-x86_64`- Shows how often qemu is executing various functions,
[k]for kernel space and[.]for user space. - There is also one function used for making the switch to guest space and it accounts for all time spent there. On a 4.14 kernel with intel cpu that function is
vmx_vcpu_runbut it might differ. 
# perf stat -e 'kvm:*' -a -- sleep 1- This should show the reason a VM is doing
VM_EXIT. Values should be roughly “less than 1000”. 
# perf kvm --host stat live- This one should show what the VM is doing? Apparently most time % should be
HLTotherwise it's not idle. - High
HLTtime indicates the machine is waking up and going to sleep a lot (context switching?). 
It may also be a good idea to use powercfg to find out why the OS is waking up lots, if it is.
Tweaks for performance
CPU Topology & Configuration
Match the host CPU topology with the VM (cores can be changed as desired). Enable host-passthrough to disable CPU emulation as much as possible.
<domain type="kvm">
  ...
  <cpu mode="host-passthrough" check="none" migratable="on">
    <topology sockets="1" dies="1" cores="3" threads="2"/>
  </cpu>
  ...
</domain>
Add one or more threads dedicated to I/O (libvirt recommends max 1 per core).
<domain type="kvm"> ... <iothreads>1</iothreads> ... </domain>
Set up the vCPUs for the guest by pinning them to the host. See virsh capabilities. Note that Intel CPU sets are specified as e.g. (0,4); (1,5); (2,6); (3,7) for a 4-core CPU (i.e. the threading is split across the bottom and top halves of the cpuset range). For example this is how I set up the i7-3770 keeping core 0 for emulation/io/host.
<domain type="kvm">
  ...
  <vcpu placement="static">6</vcpu>
  <cputune>
    <vcpupin vcpu="0" cpuset="1"/>
    <vcpupin vcpu="1" cpuset="2"/>
    <vcpupin vcpu="2" cpuset="3"/>
    <vcpupin vcpu="3" cpuset="5"/>
    <vcpupin vcpu="4" cpuset="6"/>
    <vcpupin vcpu="5" cpuset="7"/>
    <emulatorpin cpuset="0,4"/>
    <iothreadpin cpuset="0,4"/>
  </cputune>
  ...
</domain>
Enlightenments
These tell Windows it's running in a VM.
In the XML for the machine, change the <features> and <clock> sections to the following:
Features:
<features>
  <acpi/>
  <apic/>
  <pae/>
  <hyperv>
    <relaxed state='on'/>
    <vapic state='on'/>
    <spinlocks state='on' retries='8191'/>
    <vpindex state='on'/>
    <synic state='on'/>
    <stimer state='on'/>
    <reset state='on'/>
    <vendor_id state="on" value="KVM Hv"/>
    <frequencies state="on"/>
  </hyperv>
</features>
Clock:
<clock offset="utc"> <timer name="hpet" present="no"/> <timer name="hypervclock" present="yes"/> </clock>
hpet as yes causes higher idle usage, so I opted for no.
Additionally, some sources say to keep the following lines:
<timer name='rtc' tickpolicy='catchup'/> <timer name='pit' tickpolicy='delay'/>
However, some recommend removing them, which I opted for.
For me these enlightenments reduced idle CPU by 4-5x (from 45%+ to ~10-12% while running Milestone XProtect in the background, with no cams set up).
Networking
Modify the netplan configuration to add a bridge, as I understand it the host will now connect via the bridge rather than directly through the interface:
/etc/netplan/01-netcfg.yaml:
network:
  version: 2
  renderer: networkd
  ethernets:
    enp2s0:
      dhcp4: no
      dhcp6: no
      #addresses: [192.168.0.20/24]
      #gateway4: 192.168.0.1
      #nameservers:
      #  addresses: [192.168.0.10,1.1.1.1]
  bridges:
    br0:
      dhcp4: no
      dhcp6: yes
      addresses: [192.168.0.20/24]
      gateway4: 192.168.0.1
      nameservers:
        addresses: [192.168.0.10,1.1.1.1]
      parameters:
        stp: true
        forward-delay: 4
      interfaces:
        - enp2s0
Apply with # netplan apply
Configuration to disable netfilter for bridges:
/etc/sysctl.d/99-netfilter-bridge.conf
net.bridge.bridge-nf-call-ip6tables = 0 net.bridge.bridge-nf-call-iptables = 0 net.bridge.bridge-nf-call-arptables = 0
Also ensure br_netfilter is loaded at boot:
/etc/modules-load.d/br_netfilter.conf
br_netfilter
Apply with:
# modprobe br_netfilter
# sysctl -p /etc/sysctl.d/99-netfilter-bridge.conf
Create a new network in virt-manager (right click connection, details, virtual networks) and replace the xml with:
<network>
    <name>bridged-network</name>
    <forward mode="bridge" />
    <bridge name="br0" />
</network>
Start it and set it to autostart. Now in guests just set the network to “Virtual network 'bridged-network'”.
Updates
Apparently Windows Server doesn't auto-update by default (just downloads). Run sconfig to configure this behaviour.