Ah, no. It is very much specifically in a container inside a VM. Now, full credit where it's due: You're unlikely to notice. Performance is good, they've done work integrating it (filesystem integration, forwarding windows to the host display servers through Sommelier). But native it is not.
(Details: https://chromium.googlesource.com/chromiumos/docs/+/HEAD/con...)
EDIT: I guess I should mention; this does come up occasionally in ways that can actually matter. IIRC I got bit by the (default?) container setup not allowing you to ptrace, you can't mount filesystems or loop devices (https://chromium.googlesource.com/chromiumos/docs/+/HEAD/con...), and you can't touch the kernel or hardware (https://chromium.googlesource.com/chromiumos/docs/+/HEAD/con... and https://chromium.googlesource.com/chromiumos/docs/+/HEAD/con... ).