ATmega4809 Curiosity Nano can be powered by an external voltage instead of the onboard target regulator. When the Voltage Off (VOFF) pin is shorted to ground (GND) the onboard debugger firmware disables the target regulator and it is safe to apply an external voltage to the VTG pin.
Programming, debugging, and data streaming is still possible while using external power: the debugger and signal level shifters will be powered from the USB cable. Both regulators, the debugger, and the level shifters are powered down when the USB cable is removed.