Hyper-V is a virtual machine. Even when you're in a "host" you're still running under the virtual machine. It's a "Ring -1" VM, meaning everything, including the "host" run under the virtual machine.
There are a few solutions:
1. Disable Hyper-V, and thus no longer be under a VM.
2. Enable VM activations for that product key.
or
3. Leave the "disabled VM activations" as is, and for customers running on a VM, have them use TurboFloat: https://wyday.com/limelm/help/using-turbofloat/
See more about that here: https://wyday.com/limelm/help/vm-hypervisor-licensing/