A fast cache device for read/writes in front of a slow storage can improve performance but only if read/write load is not steady. In such a case the cache runs full and the whole system may become slower than without cache.
With VMs, your main concern should not only be performance but also data security as a crash during writes can corrupt data and filesystems.
I use Optane 800P and up (the smaller ones are too slow) in combination with HD Pools but only as log devices to protect the rambased writecache in my ZFS storage boxes. I also use them as an extension of the rambased readcache in ZFS.
While a multiple Raid-10 storage server say with 12 disks can give more than 1000 MB/s sequential async writes, this lowers to say 50-100 MB/s when you enable a secure sync write behavior to protect writes against a powerloss.
With an Optane (800P, 900P, 4800x) as an Slog (20GB partition is enough) sync write performance can go up to 500-800 MB/s. The rest of the Optane can be used as L2Arc readcache, as an ESXi bootdevice or for VMs as Optane performance is ok with a concurrent load.
see my benchemarks with ESXi at
https://napp-it.org/doc/downloads/optane_slog_pool_performane.pdf