Not drastically, unless you're doing heavy I/O. Most non-budget desktop/laptop CPUs have had hardware acceleration for virtualization for close to a decade now.
Number one pro, besides not having to deal with hardware issues, is the total ease of backing up and snapshotting your Linux VM. About to install a Arch/Ubuntu/Debian system update and you're not sure if it will break things? No problem. Take a snapshot of your VM. Do whatever you want. Problems? Just roll it back to an earlier snapshot.
You can also back your VM up onto an external drive or move it to another machine easily. If my laptop dies or gets stolen you can be back up and running pretty quickly by running your VM on another computer.
The main con would probably be a potential shortage of RAM if you have 4GB or less. Really depends on your workload and software of choice, obviously.
The I/O thing is not a huge deal for most development work. Disk I/O is still fast if you're on an SSD.
It's fine for most development works, but not ideal if you regularly need to run i/o or cpu-heavy stuff due to virtualization overhead (e.g. gaming, simulation, etc).
