VPS users still have access to the same resources and features as they would have otherwise, and they still have the freedom to install any application and make changes to those applications. Since you are not actually sharing any hardware, you will not have to be concerned about the physical server maintenance and security. The hosting company will need to worry about this.
A VPS runs its own copy of an operating system (OS), and customers may have superuser-level access to that operating system instance, so they can install almost any software that runs on that OS. For many purposes they are functionally equivalent to a dedicated physical server, and being software-defined, are able to be much more easily created and configured. They are priced much lower than an equivalent physical server. However, as they share the underlying physical hardware with other VPSes, performance may be lower, depending on the workload of any other executing virtual machines.[1]