Once CPU hot add and memory hot plug have been enabled on a virtual machine, it will not be necessary to power off the virtual machine to add additional vCPUs or additional memory.
Enabling the CPU hot add and memory hot plug features does increase the virtual machine overhead reservation slightly. Also, remember that when a virtual machine's memory is increased, the virtual machine swap file (.vswp) also increases to the size of the allocated memory (minus any memory reservations). The swap file automatically grows when the virtual machine's memory is increased.
With CPU hot add and memory hot plug enabled, the removal of vCPUs and memory from a virtual machine will still require that the virtual machine be powered off or that the operating system be rebooted before the resources are removed, or before the removal of resources is recognized by the guest operating system.