The server licensing rights have been expanded, allowing you to install an instance of Essentials on your physical server to run the Hyper-V role (with none of the other roles and features of the Essentials Experience installed), and a second instance of Essentials as a virtual machine (VM) on that same server with all the Essentials Experience roles and features.
https://techcommunity.microsoft.com/t5/windows-server-essentials-and/understanding-licensing-for-windows-server-2012-r2-essentials/ba-p/398658
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