I have my VM server plugged into a watt meter. Launching a single additional VM (qemu) doesn’t change idle power consumption in a measurable way.
However, if they had 1000s of idle VMs then they’d need to keep additional servers running because a single server can only host so many VMs, idle or not.
I’d guess this is more about limiting their hardware spend than actually saving significant amounts of energy. A single employee commuting to the office in a car consumes far more energy than an idle VM running for a long time.