KVM-based, so no it doesn't.
However, it seems they boot in a slightly unconventional way. They take a elf64 binary and execute it. This works for Linux and likely some other operating systems that can produce elf64 binaries. Windows supports legacy x86 boot and UEFI, but likely not elf64 "direct boot".
So if you can get windows into an elf64 binary and have it run without a GPU you could have it boot. So, likely not. But the reason isn't due to KVM.