I've seen a couple of (Ren'Py) games using VaM as a "framework" for all the characters, scenes, and of course animations. I would argue, creating and recording fluent animations is the most advanced part of VaM and probably the biggest time saver for game devs, as animations are in "real time" and don't need to be rendered.
Also, VaM offers a ton (like tens of thousands) different characters, clothes, hair styles, assets -- free and paid, but you could also (to some degree) create your own characters, clothes, hair styles and scenes. You can use tools like Blender and then import them into VaM (there are tutorials out there on how to do that), or try to create them in VaM itself.
The most recent game I've seen using VaM in the background is
CRUSH College, and it has some really nice art/animations in it -- check it out and then decide for yourself, if that's the kind of art style you're happy with.
A word of warning though: VaM has quite a steep learning curve. It takes a decent amount of time to get used to all the bits and bobs, but once you've "mastered" most of it, I think you can create new scenes and animations fairly quick.
Good luck! And if you're going to use VaM for your project, I would be happy to get some feedback on how it's going for you