ut I honestly doubt ARM can with the overhead of emulation
Most modern software (games excluded), is dynamically compiled. This means that it's not all one "bundle" that runs, but rather a binary that calls reusable pieces of code, "libraries" from the binary itself. Wine is dynamically compiled.
What makes modern x86 to arm translators special, is that the x86 binary, like an x86 version of wine, can call upon the arm versions of the libraries it uses — like graphic drivers. It's because of this that the people on r/emulationonandroid managed to play GTA 5 with 30 fps via the computer version. There definitely is overhead, but it's not that much, and a beefy machine like this could absolutely handle it.
https://moonpiedumplings.github.io/blog/scale-22/#exhibition-hall
The Facebook/Meta table had a booth where they had an ARM macbook that was running steam and they were installing games on it.
Yes, see my other comments in this thread for an explanation of this. The trick is that not all the calls are translated, as wine is able to use the arm version of the libraries rather than the x86 version.