Apple has zero interest in producing an emulator as they want you to run macOS, not windows.
I don't agree with this. The days of '100% Apple' have been long over at Apple, which is why their success has been phenomenal in the last 10 years. Why so aggressive in getting a quality MS Office implementation on Mac? Why allow Windows users to run iCloud and Music apps? Why all the investment to make sure Windows, Linux, etc. apps run well on Macs?
While the percentage of mac users who are serious in needing to run Windows virtually may be low, I wonder if the percentage of users who buy pro/high end mac computers and run Windows isn't much higher.
Apple wants its mac to be the hub of all its pro users do, it wants Apple Silicon to be a home run in all respects - otherwise this announcement is perceived as a decision like 'Apple wanted to get away from Intel, even though their product will be better in some ways, worse in others'. Virtualization/emulation, however they solve it *well*, could be one of the last things the ARM transition completes, but high end pro machines/users has been an area Apple has shown increasing interest in over the last couple of years.
High end pro users pay more, and their computers are higher profit margin for Apple too. It's a lucrative market. And Apple could lose that market in this transition, much less not see it grow. Consider this - while many are saying "Buy a Windows machine to supplement your mac for those legacy apps", there is in reality a much better chance that ALL the apps, including the Mac ones, run on Windows already. Buy a Mac and Windows computer, or just buy one Windows computer? I think more people would buy a Windows computer for that next purchase, and dump the mac - instead of now having to support/maintain/use two uniquely different computers - that's a total pain. In that scenario, Apple is then back to macs being considered a toy/light consumer computer only - back to 1985.
Apple just bought a company called Fleetsmith, which offers device management products for the enterprise - a purchase for Apple that only make sense if Apple wants to move deeper into the enterprise. Over half of all businesses now support Macs. If Apple is interested in thriving in the enterprise, they surely are interested in integrating the world outside their Apple ecosystem, imho.
I think we don't know the answer because it won't be revealed until they know how well it will work, that it will be successful, in what timeframe, on what computers, with what partners helping, etc. There is reason to be optimistic I think, but it requires patience. 😇
Edit:
@Joelist just
said the same thing about the enterprise risk in another thread:
This is a big gamble for Apple no doubt. They are putting their entire move into the Enterprise at risk because those large businesses tend to have their own software (x86 almost invariably). So far Apple being on x86 has made that issue moot and they have been gaining Enterprise traction but if they don't really deliver better performance and (more importantly) a painless path for those corporate apps the Mac move in the Enterprise will die. You even saw this in the announcement where they spent a small period of time on iWork but a lot of time showing off Microsoft Office on Apple Silicon - that is aimed at the Enterprise.