Android emulator not running on AMD Ryzen processor (hardware acceleration required)

I have used Intel machines all the time, until I recently bought an HP laptop with AMD Ryzen 7 2700U. I faced the hassle of trying to get the emulator in Android Studio to work and fixing the

emulation currently requires hardware acceleration

error. Since it took me considerable time and effort to figure it all out, I'll answer my own question and hope it can give someone a hand.

In order to run the Android Emulator with an AMD processor you need the following, according to Google:

• AMD Processor - Recommended: AMD® Ryzen™ processors
• Android Studio 3.2 Beta or higher - download via Android Studio Preview page
• Android Emulator v27.3.8+ - download via Android Studio SDK Manager
• Create an x86 Android Virtual Device (AVD)
• Windows 10 with April 2018 Update (version 1803)
• Enable "Windows Hypervisor Platform" via Windows Features: Search for Turn Windows features on or off and check this option, which is present in all Windows editions, including Home edition starting from version 1803. This term can be confused with Hyper-V, but they are different things. You only need to turn the former on in order to use the emulator.

I followed all these steps in my HP Envy X360 with AMD Ryzen 7 2700U and was still getting the "emulation currently requires hardware acceleration" error. What fixed it for me was turning on "Virtualization" in my BIOS settings. It may have another name in other BIOS systems, but apparently you need to turn the setting that allows virtualization on, as a final step.

FYI, it's usable but laggy in my system (256 GB SSD + 8 GB RAM). I wouldn't use it for everyday work, only for some sort of emergency case. I'd suggest to stick to a physical device when possible if you have similar specs.