Right. Also when I looked at QEMU it takes about ARM as a guest not a host. As
You'd think that, somewhere, there would be a page listing the
host CPUs supported by QEMU in large, friendly letters but I can't find one (which probably means "its complicated") I can't even find a statement confirming that it runs on x86
- but people have built it on a Raspberry Pi and it runs like treacle on valium (but then... that's a $30 buck maker board built from surplus set top box chips).
There's also a port of QEMU - UTM - to (jailbroken) iOS and if you google around you'll see videos of iPad Pros running MacOS (very slowly) - but
see the FAQ for some of the reasons why it is so slow (even running ARM guests - and I guess the lack of hardware virtualisation on the A12 etc. also slows down translated x86 code). You can't read much into its performance - its a zero-resources project on a heavily locked-down system that doesn't even have the hardware resources to virtualize a full desktop OS at the best of times...
Back in the day, emulation of x86 on 68k, PPC and ARM (yes, folks, I remember running Windows 3.1 under emulation on an Acorn) was always too slow for demanding software but filled a useful niche for running those odd bits of business/productivity/utility software that you had to use for work. Emulation technology has improved since then so - especially with a bit of support from Apple (and maybe a pinch of Rosetta technology) - there's no real obstacle to a usable x87 Windows/Linux emulator for ASi Mac. It's just not going to be a solution for running pro creative software or non-casual games.
...but the reality check is that, if you're using your Mac to run
demanding Windows x86 software, it's probably time to go shopping for a PC or get a new Intel Mac to tide you over.