Say that when I need to run some program and I have an ARM processor but the only binaries available are x86...
It still kinda makes me sad that the discussion always stops there. It will still break some of whole classes of programs, it's not magic and can either be finicky or just too limited.
From the top of my head USB and peripheral access in general is a PITA every time a translation layer is added. Raw device access in emulation never has worked "pretty well".
For Mac it wasn't that much of an issue because anyone with deeper hardware needs was probably not there in the first place. But on Windows I'd predict it will be a significant transition pain. A bigger share of people will stick on x86 basically forever to cover their long taily needs.
That said this is a solved problem - because plenty of people have arm based machines, and run x86 binaries on them (it obviously comes with a perf cost, but there’s only so much that can be done when dealing with poor engineering)