Forget emulation, just forget it. Its is a stop-gap solution at best. The best dynamic translators i am aware of are still factor 2-3 slower than native. If we assume that ARM is 2x as effcient as x86, then with emulation you throw this advantage right out of the window ...period.
That does not mean, that applications are necessarily too slow for usage under emulation ...it is just that the advantage of ARM is gone.
When buying an ARM device you want to have highest performance in a power constrained device. Thats precisely what you get - when running native apps.
This is very simple, one thing is Chromebooks, another very diferent thing is the Notebook and Desktop market, that is dominated by Windows and Windows apps. You cant win those markets with power efficency alone, you need a good balance of performance, user experience, app support and price. And dont put your money on the very hated UWP.
So ARM for the highest performance in a power constrained device? Sure, still depends of what you are talking about, for something like a RPI 4, ARM is perfect, but in the notebook and desktop market that is not enoght. ARM first need to take the Chromebook market and x86 still dominates it, and i guess there is a reason for that, price-performance is the reason. Why they are still using Braswell? It has a higher performance than ARM chips for the same price, thats the ONLY reason for using x86 in that market.
RPI 4 A72 cores provides about the same performance than a 5 year-old Sempron 3850 or a Atom Z3735F whiout emulation. Thinking about this, you probably need a quad core A77 to have the same perf under emulation.