
Hyper-V role still available
You will still be able to install the Hyper-V role on Windows Server 2022. Free Hyper-V server was only completely free if you don't run Windows workloads. You still needed to license the server to run Windows VMs on Hyper-V server.
If you have licensed the server for Windows VMs, then you can run a Windows server with Hyper-V role on the metal for no extra cost. A Windows Server core install with the Hyper-V role is basically the same as Hyper-V server.