PHP nowadays already has a JIT compiler and its own bytecode, no need for WebAssembly.
PHP in WASM means developers can run actual, real, native PHP code in the user’s browser, without the user needing to have PHP installed locally, or nginx, etc…
“At the edge” basically means “close to the user”, with the details left as an exercise to whoever is selling you their “edge.” In this case, it’s a Wasm runtime company.