I run my NAS and Home Assistant on bare metal.

• NAS: OMV on a Mac mini with a separate drive case
• Home Assistant: HAOS on a Lenovo M710q, since 1) it has a USB zigbee adapter and 2) HAOS on bare metal is more flexible

Both of those are much easier to manage on bare metal. Everything else runs virtualized on my Proxmox cluster, whether it’s Docker stacks on a dedicated VM, an application that I want to run separately in an LXC, or something heavier in its own VM.