Windows ARM seems to be a bit faster than that running x86. An older video showed pretty good performance: https://www.youtube.com/watch?v=DRBMBkL7SCM . Using an abstraction layer to convert system library calls to call native ARM system libraries instead so you don't have to emulate x86 versions of the system libraries.
This is the same concept box86 implements on Linux. https://github.com/ptitSeb/box86 . It's good enough to run lower end Linux games on a Raspberry Pi 4
This is the same concept box86 implements on Linux. https://github.com/ptitSeb/box86 . It's good enough to run lower end Linux games on a Raspberry Pi 4