I suspect a lot of games will not run but everything else works fine. This includes x64 (x86 64-bit software).
Also, MS has made a lot of their software ARM compatible. Office 365, Visual Studio, and Visual Studio code all have native ARM binaries. In Visual Studio's case, it has fewer features than the x64 version (mostly fewer supported SDKs).
Overall, I can't tell I am even running on an ARM system because it feels like an x64 system. It is responsive, fast and just works.
Which you cannot even buy anymore, because they discontinued it after 9 months (10/2022-07/2023) [1]
Microsoft's commitment to Windows on ARM (WoA) is a joke.
https://blogs.windows.com/windowsdeveloper/2023/10/16/window...
However the Windows developer community couldn't care less if it doesn't bring more money home, and Microsoft isn't Apple, backwards compatibility matters.