It is the free equivalent to Parallels and VMware - virtualization software that allows you to run different OS-es. Typically, more so used for running Windows as opposed to Boot Camp. But you can also run Linux and another macOS. Virtual Box has plenty of options, but not as feature rich as Parallels or VMware, although both of those carry a license cost.
Take a look into them and keep it in mind.
As for the T2, my 2018 Mac mini is the first to have one and I have no issues. Although, you can search the Mac mini, iMac forums as well as Google and find plenty of trouble. Just a mixed bag.