They don't just keep the design, but usually also the content. Prime currency with search engines and not something they could otherwise easily get their hands on.
It's what happened with Adventure Gamers, for example. Decades worth of adventure game reviews and interviews still available -- now with a slight thematic shift where new articles are all about "reviewing" online casinos.
No VM solution I know of supports 3D-accelerated graphics. VMware Workstation used to, but they removed it years ago because it was a security risk (direct access to 3rd-party drivers on the host).
VMs are useless for most gaming.
For games up to around the late 90s, and if you have a real beast of a machine, full emulation such as with PCem is the best option.
Link doesn't work -- I guess this one is similar to what you describe?