HyperV host connected to network via VirtualSwitch; is this normal

So the current setup on one HyperV host (Server 2019) has the following under 'Network Connections':

1. Two NIC ports, teamed together. 'Microsoft Network Adapter Multiplexor Protocol' checked, No IP v4/v6, no addresses
   
2. 'NIC Team' has 'Microsoft Load Balancing/Failover Provider, 'Microsoft LLDP Protocol Driver', and 'Hyper-V Extensible Virtual Switch' checked. No IP v4/v6, no addresses
   
3. Hyper-V Virtual Ethernet Adapter, everything EXCEPT Multiplexor Protocol, IPv6, and Hyper-V Extensible Switch checked. IPv4 address assigned.

It seem strange that the host is connected to the Virtual Switch, and that the IP address is assigned there, but is this typical?