Valshe is what is known as a "utaite" or a person who uploads their own covers of vocaloid songs to nico nico douga (Japanese version of youtube) Valshe is one of the most well known utaite she even has CDs and most of her songs have been uploaded to youtube. So no she is not a vocaloid but is still pretty cool you can read about her here
link now if you where maybe confused because the Utaitie Piko also has a vocaloid based off of his voice (vocaloid is also known as Piko) just to let you know he is the one exception hope this helps!
