Repurpose Windows licence on VM (same machine)

[DeckerDecker]

I have a PC with a Windows 10 licence that I am planning to rebuild from bare metal with Proxmox VE. One of the VM's I would like to create is the Windows one that I removed to make way for Proxmox. I have a feeling I know the answer to this, but will my existing product key re-activate Windows as a VM?

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