Is there anything you can say about stuff like VMware that was used on top of Denuvo for example on AC:Odyssey?
VMProtect?
http://vmpsoft.com/support/user-manual/introduction/what-is-vmprotect/
"The method of application code mutation applied in VMProtect is based on obfuscation — a process that adds to the application code various excessive, “garbage” commands, “dead” parts of the code, random conditional jumps. It also mutates original commands and transfers execution of certain operations to the stack."
All this code will use CPU time which shouldn't be a problem for "normal" applications. For games this becomes relevant though, unless you exclude performance-sensitive sections of the code from VMProtect (which is possible, but may be undesired using a naive view on things).
Combining this with Denuvo though will multiply (not combine) the performance impact. As we've seen from the EXE size, Denuvo adds A LOT of code to the binary, VMProtect amplifies that by adding a lot of obfuscation code around the larger code size.
I can understand the desire for using both though. Denuvo doesn't scramble the executable, so you can "just" load it into IDA Pro and start understanding how the program works (understanding Denuvo code is VERY complicated). Putting VMProtect on top of that makes things much much more difficult, but apparently not impossible, considering these games have been cracked in the meantime.