YARV (Ruby's VM) is already direct threaded (using computed gotos), so there's no dispatch loop to eliminate. YARV is a stack based virtual machine, and the machine code that YJIT generates writes temporary values to the VM stack. In other words, it always spills temporaries to memory. We're actively working on keeping things in registers rather than spilling.
Ruby programs tend to be extremely polymorphic. It's not uncommon to see call sites with hundreds of different classes (and now that we've implemented object shapes, hundreds of object shapes). YJIT is not currently splitting or inlining, so we unfortunately encounter megamorphic sites more frequently than we'd like.
I'm sure there's more stuff but I hope this helps!