That talk makes the point that replacing the swiss cheese hardware security models with a software one can shift your performance. You run 1.5x slower, but you also run 1.5x faster by avoiding all the hardware checks. On the whole, you can theoretically run about the same speed, but with better security.

Even better, if WASM takes over the world, you can bake parts of it into hardware and remove a lot of other bottlenecks.