Nope, my assumption is they'll be restrictions on both the apps and hardware that are even supported, with Valve starting with their own, and then working with select partners for specific devices.
It will take some years like Proton did to even allow for wide compatibility, and adding the complexity of translating the instruction set too will also yield a bigger performance hit.
Yep, it's still pending court approval, but given Google is already drafting safety and security standards for third-party storefronts to apply it seems like it's going to happen. I know there are some developer fees, but Google has limitations from striking exclusivity deals for content with phone manufacturers, and they have to streamline user flow for these apps stores than putting all the warning screens to scare the normies into thinking they're installing something bad.
None of the things I'm suggesting are something I'm expecting to happen immediately, I expect the performance and compatibility to improve iteratively over time. I will say the GameHub app on Android has already done some impressive things using Proton to translate to arm-based smartphones, with some newer phones running Elden Ring at 30fps, AA stuff like Ghostrunner 2 between 30-60fps, and games like Hades 2 running on some of these Android retro handhelds like the Ayn Thor already.
I can see a future where a good chunk of the Steam library is playable on some of these devices, especially if there are more direct partnerships between hardware makers + Valve. We'll see, but I'm excited.