The latter means that even in the absence of a JIT, you would need to achieve 100% code coverage (akin to unit testing or fuzzing) to perform static recompilation, otherwise you need to compile code at runtime at which point you're back to state of the art emulation with a JIT. The only real downside of JITs is the added latency similar to the lag induced by shader compilation, but this could be addressed by having a smart code cache instead. That code cache realistically only needs to store a trace of potential starting locations, then the JIT can compile the code before starting the game.