Microsoft just announced some lackluster arm laptops that they claim can compete with M-series chips. The question is what windows programs are gonna run on them...
Some people have been running Windows 11 for Arm on a VM in Apple Silicon. It has an automatic transcoder that translates most x86 code at start. It seems to run many apps well. Microsoft claims these new machines have a better transcoder. This might work.
For me at least, the best possible outcome of this is that Windows handheld gaming devices become more power-efficient. That might be an advantage over Linux-based handhelds for a while, unless Valve decide that Proton needs to also be an architecture emulator. The chip efficiency wins must surely be tempting in this form factor.