Is it possible to cause artificial network packet loss or latency?
Solution 1:
On Linux you'd use netem, on FreeBSD you'd use dummynet.
Neither of those solutions would work on a single Windows machine using Hyper-V. I searched, and I'm not able to locate any Windows Hyper-V compatible network emulators.
You could put two VMs on two different physical machines, with a Linux or FreeBSD box between them. But it doesn't look like there's any solution that's going to do exactly what you want on a single VM host.
Solution 2:
My friend has set something up using dummynet and FreeBSD in ESX. I know it's not Hyper-V, but you may be able to modify it to work for you. http://apocryph.org/2009/05/15/simulating-slow-wan-links-with-dummynet-and-vmware-esx/
Solution 3:
Dummynet should work for you: http://info.iet.unipi.it/~luigi/dummynet/
It installs a service on the NIC and then through the command line you set your parameters.
I've used it to test website access over a high-latency or low bandwidth link on Windows XP, and it works very well.
Solution 4:
An additional method is the standalone Network Emulator Toolkit (NEWT), which despite it's age is quite capable and works for x86 and x64 Windows operating systems.
https://blog.mrpol.nl/2010/01/14/network-emulator-toolkit/
Using the included XML templates with the installer, you can quickly get up and running on simulating latency, bandwidth, jitter, and other network variables.
I have tested and used this application on all versions of Windows from XP -> Windows 10.