The component model is already shipping in Wasmtime, and will be stable for use in Node.js and in browsers via jco (https://github.com/bytecodealliance/jco) soon. WASI Preview 2 will be done in December or January, giving component model users a stable set of interfaces to use for scheduling, streams, and higher level functionality like stdio, filesystem, sockets, and http on an opt-in basis. You should look at wit-bindgen (https://github.com/bytecodealliance/wit-bindgen) to see some of the languages currently supported, and more that will be mature enough to use very soon (https://github.com/bytecodealliance/componentize-py)

Right now jco will automatically generate the JS glue code which implements a Component Model runtime on top of the JS engine's existing WebAssembly implementation. So, yes, Components are a composition of Wasm Modules and JS code is handling passing values from one module/instance to another. You still get the performance benefits of running computation in Wasm.

One day further down the standardization road, we would like to see Web engines ship a native implementation of the Component Model, which might be able to make certain optimizations that the JS implementation cannot. Until then you can consider jco a polyfill for a native implementation, and it still gives you the power to compose isolated programs written in many languages and run them in many different contexts, including the Web.

(Disclosure: I am co-chair of WASI, Wasmtime maintainer, implemented many parts of WASI/CM)