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Virtual Machine (VM) != Virtual Private Server (VPS)I prefer to save the wallet in a virtual machine and protect the wallet file with a zip password 
Not good idea your vps will not stay for a long time unless if you have lots of money to pay for yearly and its still needs backup your wallet.. better to use common wallet in your pc.. and make a backup in your drive D. And not none of these are better, you are still using a hot wallet no matter if you move it to drive D or VM or a VPS. Just use cold storage and be done with it instead of making it too complicated for yourself.
Cold storage is useful just for storage. For normal use it's better to have a desktop wallet at least, or a mobile wallet.
I would NEVER trust a VPS though. Anything that stays online can disappear. You need to back up your private key(s) no matter where you store the addresses..