Qcow2 vs Physical Disk for QEMU

Hello everyone,

Back again with more questions maybe you all could help with.

So currently I am running Arch with BTRFS, and for a few specific programs that aren't all that graphically intensive (Specifically Line 6 applications for my Helix and PowerAmp) and the Windows VM I am running through QEMU is using qcow2 for the disk. I do have another Gen 4 NVME that is unused in my system I could use for the VM itself.

How much of a performance gain would I notice using a separate NVME for my Windows VM over qcow2?