In my district, it does get averaged into his GPA, quality points and all. AFAIK it will show up listed under "____ High School" rather than "____ Middle", because that's where he's getting the credit from. Not sure if Virtual School classes are distinguished from the others; it's possible since we were told many colleges don't consider foreign language courses done on-line because of the diminished spoken content. OTOH, the plus side of virtual school is that you get do-overs on certain assignments, which means you can bring your grade up a bit (useful for those teetering between a B and an A, which, ridiculously enough, my son managed to do in his easy-peasy online Health class).
We actually started doing the work-ahead stuff while homeschooling, simply because...why not? He was ready. It worked well for us when he went back to public school, though, because there really was no way they could argue whether he'd really mastered algebra when he'd done it through the state virtual school-- and outscored the kids in the brick & mortar school's gifted magnet on the End of Course exam.