... It's true when you have no VM inside, but when you start one, all requests and interrupt need to be handle by the hypervisor
That's not true. You can selectively 'pass' on interrupt and instruction families so that the hypervisor wont trigger up. Actually, as far as we know, XB1 has the WinOS, the GameOS, a HostOS which manage hardware access (but GPU rings execution, or GameOS would lie dead) for both topmost OSes, and an Hypervisor on top of them.
The hypervisor would be the '4th' OS, likely, if you count them that (wrong) way.
However, Since it is unlikely that you could do the GPU init inside the VM (hard to believe it can be virtualized, honestly) plus the fact that both WinOS _and_ GameOS needs to access the GPU at the same time (and Kinect, likely) - makes me think that GPU memory (re)assignment is handled by the hypervisor as well, on the fly.
As a 5th OS you have probably (since it was told there were an AMD guy in linkedin with a ARM core+XB1 reference) the trusted OS, which would happen if they used this AMD technology available "on selected APU":
http://www.uefi.org/sites/default/f...rity_and_Server_innovation_AMD_March_2013.pdf