Waydroid's performance is pretty good.
I never tried any games through it my my guess is it would work, but...
- Still may not be native performance.
- Waydroid's VM takes a minute or so to start u0 for the first time, and eats a lot of RAM while its running.
- Expect your battery to drain a good deal faster to play your Android game(s)
That said, I will re-emphasize that the performance of apps in Waydroid is pretty dang smooth once its running. I stopped using it on my phone since I no longer needed the one app I had it for.