A lovely employee at the Race Through NY ride was explaining the virtual queue to me when I went on 3/8.
It was not yet in use. When I entered, I received a card representative of one of the NBC Peacock colors (I got green). When it was my turn to advance from the first room with all the hosts to the second room, the lights in the ceiling illuminated the color of my card. The next room had the a cappella show, Hashtag, and scenes from the actual Tonight Show. I waited about 30/40 minutes in total, but it went by very fast since there was constant entertainment!