This may be true when FEX is executing as a usermode whole-process emulator on Linux, but it is not true when FEX is built for Windows(/Wine)'s ARM64EC mode. With ARM64EC a thread could be running a very small amount of emulated code while everything else is native.
I believe Microsoft Office is built as ARM64EC in order to support x86_64 plugins, in this case the entire suite itself (along with all the system DLLs) are native ARM64EC code and the only emulation would be for plugins. Kingdom Come Deliverance 2 has an ARM64EC build where the main game EXE is small and x86_64, but the actual game engine is in an ARM64EC DLL.
I don't know of a good solution for this though, enabling/disabling TSO needs a kernel syscall so is too slow to be doing constantly when entering/leaving emulation. With cases like KCD2 where the game itself is ARM64EC, maybe it could be faster to not use hardware TSO.