While DocumentFragment does not support innerHTML, <template> does.
The content property of a <template> element is a DocumentFragment so it behaves the same way. For example, you can do:
var tpl = document.createElement('template');
tpl.innerHTML = '<tr><td>Hello</td><td>world</td></tr>';
document.querySelector('table').appendChild(tpl.content);
The above example is important because you could not do this with innerHTML and e.g. a <div>, because a <div> does not allow <tr> elements as children.
NOTE: A DocumentFragment will still strip the <head> and <body> tags, so it won’t do what you want either. You really need to create a whole new Document.