Being that this laptop is probably 15 years old
Core2Duo? Or 1st-gen i3/i5/i7? Either way, that will still run Linux just fine.
Being able to boot back to Windows in a pinch will be beneficial though.
That's where a VM will shine.
With dual booting, you have to reboot the whole system into the other OS. With a VM, you can just run Windows inside that in the background, and open it right back up if needed.