It's why I try to deploy xen dom0s without any QEMU installed at all; reading through past xen CVEs was enough to convince me that HVM guests seem more exposed.. If anybody knows a writeup on what you might lose in terms of isolation and protection from guest escapes by sticking to PV, please do share
Paravirtualization loses instructions which are useful for high performance computing. That's not relevant to isolation/protection... but it is worth mentioning.