Rosetta 2 is a combination of good AOT/JIT x86-64 translation to ARM, and apple-specific hardware modes to change performance CPU to use the x86-64 memory model.
The x86-32 memory model is much more expensive to support. Doing this in software is why ARM windows has such a terrible reputation for running x86-32 unbearably slow.
Unless Apple suddenly feels the need to make a stronger investment in running an architecture they deprecated before they even switched off Intel, it is unlikely to see any sort of official offering.
Even if they did feel the need to support 32-bit: without a hardware investment (e.g. M4 support), you likely get the same performance you would running under a third party emulator - which you can get reasonably easily via ARM linux or windows running on the hypervisor.
So if there isn't interest in an actual port, your easiest option to run older games is going to be with something like Parallels running a Windows VM.