It's billed as a "Eurorack simulator", and it does do a good job of that. However, it's not a 100% accurate representation, because some VCV modules do things that really only work in software on a computer. However, since you can bridge from it to actual hardware via a few different methods, some of the "software-only" things can theoretically be used with actual hardware.
One caveat: you'd better have a machine with a howlin' fast processor and lots of cores, as some VCV modules are really bad about sucking up processor cycles. However, most of the system is multithreaded now; earlier versions would run only on ONE core, which sucked about as much as you might figure it does.