[timsally]

Broadly speaking yes. Generally, hypervisors mediate access to shared hardware whereas emulators implement simulated hardware in software.

The very first hypervisors worked using dynamic binary translation. They would run a "guest" operating system by executing a stream of native instructions directly on the host CPU. This stream would be dynamically translated to remove and trap in software any privileged operations so the hypervisor could handle them. Modern hypervisors take advantage of hardware features that allow you to more efficiently trap on privileged operations. ARM started to add some of these features starting in 2013 [1]. In contrast Intel first started adding these features to the Pentium 4 in 2005 [2]. When such hardware features were released, they actually were not faster than the software translation. These days the hardware based options are faster. There is even hardware support for running nested hypervisors. So the first question we need to ask is how hypervisors implemented with ARMs hardware features stack up to Intel. I have no doubt that parity at a minimum will be reached I just don't know what the current state of play is. As indicated in my original comment, if I had to bet on release we wont quite have the performance or feature set you would be used to with a product like VMWare Fusion.

The second question we need to ask is whether there is a way to efficiently emulate x86-64 processors on ARM hosts. Even better if you can do this while taking advantage of the supporting infrastructure hypervisors already have in terms of the emulated devices and other features. QEMU just gets you the CPU and a short list of a devices. The fully experience of a seamlessly virtualized guest requires a lot more than that. But at the core you are right that it is going to require QEMU-TCG, Rosetta 2, or some similar technology because the silicon just is not there to execute x86-64.

Exciting stuff! We'll see where it all lands.

[1] https://lwn.net/Articles/557132/

[2] https://en.wikipedia.org/wiki/X86_virtualization#Intel-VT-x