Contemporary arcade games are usually just a PC in a box with external arcade specific hardware making up everything else. Probably better to hack the game into thinking it's running on the right hardware than the other way around at this point.
It is, indeed, just a PC with a custom software stack built on top of Windows. Some old-style arcade machines you see in the wild these days are really just PCs, or maybe ARM SBCs, running a library of ROMs via MAME, legally or illegally!