If you're serious about a secure sandbox, you don't touch hardware virtualization with a 10 foot pole. In fact, you don't even use an emulator that lowers code into native machine code like QEMU. The standard for secure sandboxes is Bochs: https://github.com/bochs-emu/Bochs
Not that Bochs is perfect, a new CVE was discovered back in June. But that's the 5th CVE it's had in its lifetime, and it has a much smaller upper bound on possible CVEs compared to something like KVM or QEMU.
The reason why you use something like this isn't just for the security you get out of it, but also the deep introspection and analysis facilities you get out of it as well. Unless you're a very well funded lab, it's actually quite hard to do analysis on bare metal when you can't trust your own kernel. You can always airgap the host machine (and good defense in depth does), but that's still not an appropriate sandbox by itself, even if it's theoretically secure.