I don't know the details, but one of the reasons why the games run so good is that they don't need to emulate the CPU in its entirety. So the emulator wouldn't work on anything else than x86, unless the emulator is run with an emulator on top of it (like Fex). But I don't know to what degree the emulation goes deep. I mean we can install Linux operating system and run the Steam games directly without emulation on the PS5. It is probably something like Wine. But compared to Windows, the environment is pretty clear and users cannot install or replace anything in the system themselves.

Disclaimer: I don't know what I'm talking, this is just information fact checked by my gut feeling.