In either way, you'll need two IP addresses from ISP A, and to addresses from ISP B - one for each WAN port.
The Virtual IP allows you to have an extra, third IP address that is shared between the two MX's WAN1 port. When using Warm Spare (which is based off VRRP), you'd have the third IP address which point towards the Active-Primary MX. Incase of a failure on the Primary MX, the Secondary MX will become Active, and take over the third IP address.
If you don't use the Virtual IP, in the event of a failure on the Primary MX, for VPN connections, you'll have to manually reconfigure endpoints to use the Spare MX WAN IP. In terms of sessions, your clients may also experience short outages, as all their TCP traffic will be reset, and connections have to be re-established as your Public IP address would have changed.
However, in order to obtain a third IP address for Warm Spare, it would require your ISP to atleast provide a /29 handoff, which in some cases may be a bit more difficult and more expensive.
For more details on Meraki Warm Spare I'd refer you to the documentation page here; https://documentation.meraki.com/MX/Deployment_Guides/MX_Warm_Spare_-_High_Availability_Pair
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