Windows on AXP allowed Microsoft a place to run SQL Server on 64-bit hardware, getting a foot in the door there. It also allowed DEC to push powerful workstations into large Windows customers. But NT definitely felt sluggish on Alpha- there was a lot of room for optimization, but it was always a bit of an afterthought, vs running VMS or UNIX/OSF-1 on Alpha.
That wasn't enough to save DEC, though. Alpha was an awesome platform at the time. The AlphaServer 8400 "TurboLaser" machines were insanely fast. I'm still looking for an AS 2100 "Sable" machine to restore.
Source: Worked at DEC in the Windows/Alpha team.