Discontinue and drop support mean different things. Runtime requirements and APIs can change in any update, even if they appear the same to users. Dropping support can be read as “you can try to make it work, but we guarantee nothing”.
The degree of success you have in coercing the package to run anyways will depend on which APIs are required, and if you can install them in your system. Windows 7 and 10 look similar, but the windows kernel has changed quite a bit between them. If it needs system access it can get hard, where if it’s dotnet or Java you just need the right runtime
Last time I had a vm with physical output was years ago, and it was an involved process. The thing you are looking for is PCI pass-through. Unless you are thinking closer to just running something like virtual box full screen?
Did you need your server to have hdmi output instead of running a normal jellyfin client? Would you consider a desktop os running server containers in docker or podman?