Does running an OS inside a VM on that same OS provide security?

Does running you OS within a virtual machine inside that OS provide any extra security? Does it insulate the host OS and hardware from an attack? Does it depend on the VM software?

I use macOS on a MacBook Pro, which I know the Apple fanatics are going to scream about re: ‘inherent security’ of Apple products. But if I was to run macOS inside a VM inside macOS on Virtualbox, I can limit the hardware that the VM can access—e.g., USB, the number of processor cores, etc.

I know as a standard practice, that limits the overall performance of the physical machine. But to me, it feels like sandboxing the entire OS.