The Windows-on-ARM project is going on a decade old at this point and MS still doesn't have anything remotely close to Rosetta. People don't really understand how strong Apple is at programming software emulation like this, going all the way back to the original Motorola to PowerPC transition decades ago now. Apple also designs the Apple Silicon and thus there are also hardware optimizations to help with conversion of code from Intel to Apple Silicon even above and beyond just basic software emulation.
That said, Apple is very good at making developers get off their asses and port code ASAP or die. This is something that Microsoft has never been able to do, MS exercises like zero control over the Windows developer ecosystem. I don't even run any apps on my M1 MacBook Pro which are still Intel native except mother fucking Steam because mother fucking Valve are the laziest mother fucking pieces of shit in the universe. How the fuck has Steam not been made Apple Silicon native yet, Gabe?