The difference is that Microsoft is locked into using Qualcomm chips, which just aren't very close to Apple's performance.
Lackluster performance means low adoption. Low adoption means developers have no incentive to support it. Lack of developer support means little or no software will be written for the platform so performance never improves. Repeat.
And yet Electron rules cross-platform desktop development, not Qt nor wxWidgets or openstep.
Developers are fine with worse performance - even lackluster performance - if a platform or framework offers some other compelling advantage, especially _developer performance_ (i.e. it saves money).
Electron saves money because creating one-off custom UI widgets can be done easily and cheaply with just HTML+CSS+JS. While there are many things that are literally impossible with HTML+CSS+JS at-present (such as "splitting" a rendered UI, like how iOS 5 did with its notification banners and home-screen folders), but besides certain flashy effects everything is doable quickly. Whereas building a custom UI in any other platform would take days or weeks just to get a prototype done if you couldn't hack-on additions to an existing "UI component".
So your line of reason would be improved by saying:
"Lackluster performance with no other benefits means low adoption", the rest then follows.
This is from the Verge's review of the Surface Pro X:
> The worst part is that even if an app installs, it doesn’t mean you’re going to have a great experience. Photoshop installs and opens just fine on the Surface Pro X, but the usability of it is terrible. https://www.theverge.com/2019/11/6/20950487/microsoft-surfac...
Maybe it's improved since then? Everything I've heard suggests there is a pretty big performance penalty running x86 code on Windows ARM. If there is a significant performance hit on the M1, the performance gains of the M1 are so good, it erases the difference.
The only way an emulation layer works is if the new platform is fast enough to erase that difference. When Apple moved from PowerPC to x86, it nearly did. With this transition, Apple knocked it out of the park. Microsoft? Not so much.