It's geared at streaming your gaming session from a remote pc. Extremely low latency and works like a dream. I use it to stream my gaming pc to my xbox, but it will stream anything your pc does.

You could call it that. The most direct analogy is RDP, or even a kvm. It's a remote session to another machine, but under the hood it's using the fast and efficient video codecs, h264 or hevc. It's also good about piping audio from the remote machine to whatever you're using locally.

I'm also hoping to dump windows. I spent a week trying to get my usb interface working with guitar rig running in wine bottles. I was getting nowhere with it just fell back to using the windows box remotely.

Yeah kind of, but you need to have an actual machine running windows somewhere (preferably within the same network)

A VM would be more like "a window running windows"