The process of sharing VM using copy-paste was slow, but it was still much faster to set up a development environment like that than to set it up directly on a PC.
Today, we mostly use Docker and Compose combination to build up the development environment, but we still sometimes use VirtualBox with Vagrant. It mostly depends on the project we are working on.
The costs of the SSD and memory are lower now than they were when we started working with the virtualized development environment. Moreover, today that kind of virtualization is a standard.