I believe the Voynich manuscript has something to do with the court of Borso d'Este. Borso was a wealthy Italian duke of the 15th century, and a parton of the arts. He spent most of his money on helping artists and commissoining pieces.
One of his most famous commissions is the Bible of Borso d'Este. Here is an example of an illustration of that Bible, next to a similar looking nymph from the VMS:
Borso kept a huge library of manuscripts. Today, those manuscripts are part of the Biblioteca Estensa. Unfortunately, the website has dissapeared. But you can view it in the archive.org viewer:
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A particularly interesting MS in that collection is the Dante d'Este, an illustrated copy of Dante's works. In it, we see some striking imagery reminiscent of the VMS. Let's begin with swallowtail merlons:
Bathing scenes:
Notice the naked nymphs bathing together on the right.
There are lots of illustrations of naked people, including women:
The proportions seem to be like those of the VMS.
Borso's court placed enormous importance on astrology. Palazzo dei Diamanti's historical account says that Borso reportedly did not undertake important actions without the advice of his astrologers, particularly Michele Savonarola and Pellegrino Prisciani. Note that Savonarola wrote a treatise on thermal baths:
De balneis et thermis naturalibus omnibus Italiae.
Note also that Borso d'Este had commissioned a herbal from Cadamosto, which has already been discussed as potentially relevant on this forum:
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Some excerpts:
According to Italian herbal expert Sergio Toresella, the above mentioned herbal has similarities to the VMS.
So I think therefore that the VMS has something to do with the court of Borso d'Este.