Yes, you can use BlueStacks without Hyper-V. For this, you have to disable Hyper-V on your Windows 11/10 computer via Windows Optional Features. If this does not work, create a new instance for BlueStacks by using the BlueStacks Multi-instance Manager. The Nougat 32-bit BlueStacks instance does not require Hyper-V. Hence, you can create this instance to use BlueStacks without Hyper-V.