The thread is talking more about stack versus register-based VMs than call stacks.

The great stack vs. register-based debate is, in my mind, somewhat like the CISC vs. RISC debate—a fun water cooler conversation, but not too relevant in practice. All performance-focused language VMs lower into a (usually SSA-based) IR soon anyway, so the difference only ends up mattering for VMs that are deliberately kept simple for code size, simplicity, or legacy reasons (like Lua, or CPython).