According to this video, setting it up and running the games shouldn't be a bottleneck, but performance isn't going to be very good. He's using the M2 pro and you can still see/feel the slowdown.
I haven't looked at RPCS3's codebase in quite a few years at this point but when I last did there was still a bunch of x86 specific stuff that prevents it from being buildable for aarch, if it compiles and runs at all you will be stuck with having to use rosetta and moltenvk translation layers so performance is gonna suck.
I'm trying this out on an M1 Air and while the emulator itself works great, performance is very lacking.
You could just try it out and document your experience somewhere
Check out apple’s recently announced game porting tool kit