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Let me make sure I understand what you're saying

You have configured a virtual hard drive for your VM with a maximum size of 500 GB (I hope wherever you stored this VM on your Mac has free space of at least 500 GB).

Here's how to figure out what's going on.

By default, virtual disks on Fusion are configured to only consume disk space on your Mac when the VM uses it. If only 80 GB of data is used in the VM, then only about 80 GB of disk is consumed in the file system where you've stored the VM. If you decide to use all of that 500GB virtual disk in your VM, you better make sure you have 500GB+ of space available on the file system that the VM is stored on. More space will be needed if you decide you're going to use snapshots.

This is in contrast to how the Guest OS sees the virtual disk. For a macOS VM, you can see what's going on by:

• Using "Get Info" on the boot disk. That will tell you the capacity and amount used of the virtual boot disk. The capacity figure should be somewhere around 500 GB since that's the max size you've specified for the virtual disk. The Used figure should be somewhere around the 80GB figure.
• If you want some more information, open Disk Utility in the macOS VM. That will show you how your 500GB virtual disk is partitioned and how much is in use.