ART still translates Dalvik byte code. If you separate "Dalvik the interpreter implementation" from "Dalvik the specification", you see that Android is still fundamentally based on Dalvik.
I think the parent comment's point about Android application isolation being enforced by hardware rather than software still stands.
ART on Android 5 and 6 is as much runtime as any other programming language with a AOT compilation model.
And as of Android 7, there are multiple execution modes. An hand optimized interpreter written in Assembly, a JIT compiler with PGO feedback, and an AOT compiler that takes the JIT PGO data to generate a proper executable on when the device is charging and idle.
Traditional native code is also pretty much clamped down in recent versions of Android via SELinux, seccomp and white list of shared objects.
Google doesn't want you to do more than just implementing native methods, high performance 3D graphics, real time audio or importing "legacy" libraries.
I don't consider WASM that sound because it still allows for internal data corruption of modules written in unsafe languages, instead of supporting proper memory tagging like SPARC and the upcoming ARM architecture.