I am curious to know if it's possible to use my MacBook Pro as virtual host to test application in different OS environments. I guess it would improve performance of applications running on virtual OS .
Yes, All recent Macs support virtualization.
Apple released native hypervisor functionality with their OS X Yosemite release, their Hypervisor.framework.
What this does is it allows you to run a VM natively on OS X, without the need for client hypervisor (such as VMware Fusion or VirtualBox).
There are a handful of Intel processor extensions that indicate easy virtualization (VMX / APIC) - but anyone could write a virtualization engine on code alone with enough smarts, budget, engineering so just because a specific extension is lacking, you can't virtualize.
That being said - you'll be hard pressed to find a Mac running OS X (now macOS) that doesn't have VMX or better: