"Emulator" is a bit of a stretch. Windows , like Apple's Rosetta 2, recompiles the application into Arm code.
"... The
WOW64 layer of Windows allows x86 code to run on the Arm64 version of Windows. x86 emulation works by compiling blocks of x86 instructions into Arm64 instructions with optimizations to improve performance. A service caches these translated blocks of code to reduce the overhead of instruction translation and allow for optimization when the code runs again. The caches are produced for each module so that other apps can make use of them on first launch. ...."
So the longer and 'harder' (more breath over possible linked libraries and modules) you run an app the more it is already Arm binary code when your usage asks for code to be run.
There are old , odd-ball apps with self modifying code and Windows apss that themselves are dubious old school emulators that are plodding line-by-line interpreting code. But modern modern , well optimized x86-64 Windows apps. Shouldn't be a huge overhead. ( there is some semantic matching 'extra' code injected into the Arm binary ).
If the objective is to run old-as-dirt DOS and ancient 32-bit "Windows 95" era apps then bigger problems.
Rosetta 2 has a few shortcuts. Apple recompiles the whole app at lauch and stores a complete duplicate app on the file system ( technically, MS cache and not storing permanently is a historically 'safer' legal option. ) . Apple has a few tricks specific to just there superset of the Arm standard to tap-dance around some of the need for semantic-matching 'extra' code injection.
The userspace code a modern VM really isn't going to incur that much overhead at all.
If the app spends lots of time in the kernel level ( e.g., vast majority of the time making low level GPU driver calls ) that is more of an issue more so than 'the application' itself.
If the app is really a lightweight wrapper around highly proprietary Nvidia GPU calls then there not being a Nvidia GPU is bigger primary issue.
Also get into trouble because can't do layered/nested virtualization on Arm much. So if have x86 code stack that was a x86 vritual machine on top of another virtual machine ( e.g, some DOS container or Linux-on-Windows or VMware Workstation running images, etc. )
Heavyweight Excel calculations that result in a 2D chart/graph would work fine. All long as hammering hard on a narrow fixed set of userspace code , it should work relatively very well since it is all just recompiled Arm code .
If it is 'heavyweight' because have pushed the vast majority of the computation off of x86 and onto specific GPU cores not covered ... again a different issue. Apple is definitely missing a mechanism to attach GPUs they don't want to deal with at all to Guest OS instances that are willing to do the job. It is more so that Apple's VM is too immature than a VM can't do a better job.