Increasesing the size of the virtual disk is like cloning the data of a physical HDD to a bigger one. You still need to edit your partition table (as the superblocks aren't at the end anymore), expand your partitions, extend your filesystem of that partition. And in case of LVM you also need to extend your PVs, VGs and LVs. So yeah, there is still alot to do inside the VM and you should create a backup first as you can screw up your data while extending stuff.
Thats why thin-provisioning is great. You can start with a 128GB disk, even if you think you just need 32GB and it will only consume as much space as there is real data on it. You can then be generous and will less often run into the problem to increase your virtual disks with all that work that is linked with it.