For the Switch specifically, it has an ARM CPU so an ARM emulator is still necessary on x86 systems, but on native ARM systems it's possible to run CPU code alm

For the Switch specifically, it has an ARM CPU so an ARM emulator is still necessary on x86 systems, but on native ARM systems it's possible to run CPU code almost natively, and this has already been done (a now-dead emulator for android called Skyline did it, and apparently Yuzu will also implement this feature in the future) The bigger problem is the GPU, it's an Nvidia Maxwell GPU but uses its own custom API made specifically for the Switch (internally named NVN) so a full translation layer including shader recompilation is still necessary.