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It should be pointed out that OpenVZ 7 KVM uses QCOW2 file storage by default. So that is another vote of confidence for using that configuration.
However, after testing OVZ7 I don't see a compelling reason to use it instead of just vanilla KVM. My testing indicates that vanilla KVM I/O is better. Probably because I can enable writeback cache. I don't think OVZ 7 KVM uses cache or if it does it is not configurable. Strangely, OVZ7 containers have slower IOPS and throughput compared to OVZ7 VMs even though both are using file storage on the same partition.
Maybe there are some performance tweaks somewhere. I'm not that familiar with OVZ7. That's the other problem OVZ7 is proprietary and has its own way of doing KVM. With vanilla KVM, you are using something that almost everyone is using including the big boys like DigitalOcean, Amazon etc. So lots of info to be found and lots of eyes on it for bug fixes. Also no proprietary kernel. I guess the OVZ7 kernel is pretty stable now but from past experience with OVZ6 kernel, it was never as stable as KVM using standard kernel. To this day I still have OVZ6 servers lockup on me sometimes or randomly reboot. It's quite rare now but it does happen and it's only recently that it's has gotten a lot more stable, just before it became obsolete. Never ever happens with KVM. I have CE6 KVM nodes with years of uptime.
I am pleasantly surprised to discover that CentOS v8 KVM slaves are working. It's not in their documentation yet and probably still experimental but virtualizer will install on CentOS v8 and I am able to successfully add KVM virtual servers on it.