I only know a small amount but from what I have seen, having the same CPU arch is not really that important, as we have seen, you can run x86 apps on the M1 at blazing speeds. The hardware in modern consoles is becoming pretty standard, so the vast majority of effort goes in to emulating the libraries and such the switch comes with.

Modern emulators are a lot like Wine these days where they are just translating the custom api calls to something that works on a desktop OS.