From a maker API event standpoint I believe they are equal.
Command nodes setting methods via maker API are almost certainly faster on a virtual device than a real device though. It that wouldn't impact your initialization time.
I will say that in 2.2.4 beta devices/* only takes about 1-2s for 103 devices in Maker API (~80 physical, 20 virtual). I think the platform optimizations they have been doing are really working, as it used to take 10+ seconds.
No right or wrong on what to use. I like node-red as it has many integrations with LAN/cloud devices that hubitat doesn't. I also like having my logic in an 'independent' system - probably 90% of my home automation 'intellectual property' is in my logic.
So I like having it in a system I can backup at will, put on faster hardware if needed, or even swap my logic to a completely different hub/home automation system if I needed/wanted to. I have needed to/wanted to 2x already. Nice to not have to redo all my logic from scratch each time.
I integrate at least 3 different systems in node-red, (Home Assistant, hubitat, MQTT) so it is really a great system to glue it all together. I also use it for dashboards since I can then have data from any of those 3 systems on the same dashboard.
And I like the graphical drag/drop connect the dots editor in node-red.
I am in the middle of migrating my stuff over to a C-7 and my rules (sequences) have stayed the same. The only thing I had to do was edit the HE device nodes they were pointing to. I can add hubs or remove them and my rules stay consistent.
I've run it on a VM but then switched to an RPi4 which is also what I am also using for my clients. I have an Odroid as well which I may eventually switch over to because it seems a bit more reliable. To be fair the RPi has held up since last July. You can run it directly from the usb drives now which is also something I am looking into.
It's nice to have it running on a headless (no monitor) server. That way it does not interfere with your desktop system in anyway. Another nice thing is running a VPN with it. Something like WireGuard allows you secure remote access.
If you have a Windows computer running 24x7, there’s no reason you cannot.
I use my Odroid for lots of other things that run headless as well. It is configured to restart all my servers (including the nodejs ones) on startup. And its power consumption is negligible.