You can do this in the 99% case on Linux using qemu-user, but I'm not aware of an equivalent for Windows (and booting an entire operating system in an emulator is a poor experience and will be even slower). I imagine this Windows variant works like qemu-user and Rosetta.
QEMU has some bad performance penalties, I think partially related to the generic JIT (TCG), extremely strict floating point, and full host memory isolation. ExaGear is significantly closer to native performance but I think only supports emulating 32-bit x86.