From what I understood, Elixir/OTP are there, but instead of compiling to BEAM bytecode, they compile for WASI (targeting whatever can run WebAssembly). It is not HiPE, nor JIT, there will not be any bytecode. Only AOT compiled native code, except targeting WASI.
Generally BEAM is understood to be slower of the big runtimes (compared against Java, CLR, Go and often V8/Javascript). FireFly claims to be faster, and smaller in compiled form than current interation compiled against BEAM.
How that plays with actor model and preemptively switched lightweight processes is a mystery to me too.
I'd really appreciate something with more technical sauce but human explanation. Currently all we have is PR puffs like this and source code (at least for the LiveView native, haven't tried looking for this).
All that said, this does indicate there is good activity and desires to get Elixir working on stuff other than its current strong suit. This usually means the language and ecosystem is growing. It could be Baader-Meinhof phenomenon, but I started learning Elixir couple of weeks ago, starting with LiveView tomorrow, and there is nice stream of posts coming for it. Exciting times :)