If your VM and the "outside" (host?) can share a (network) drive then you could run the IDE and the "game" on the same drive. You see the command line for running the project in the output window of the IDE when you press "play". (or just pass
--help to the godot executable to see the parameters)
I just see a problem in the debugging because the debugger in the IDE won't start (and be available for network connections) until you run the project. Personally, i don't fully understand why they include network debugging but don't enable the debug server all the time.
Anyway, it would perhaps be helpful to know WHY you would want to do this. I would see some use in running the project on another machine (i.e. for compatibility/performance testing) or VM. But WHY run the IDE in a VM??