This isn’t all that different from having a coprocessor. I don’t think it’s very useful to have an ARM or x86 coprocessor though because the major benefit to ARM is lower power consumption… Adding in a whole coprocessor is just going to increase power consumption.
Things like Rosetta are probably the better way.
Or maybe we see Java/the JVM make a comeback. This is the exact sort of world Java was built for. It just turned out that right around the time Java was taking off, everyone basically went for Windows and x86 chips… Which became the defacto standard.
Granted, at this point, folks would probably be going for more WASM (in browser or not) than JVM.