The primary barrier is hardware-specific optimization, not instruction set.
Translating Xbox API calls to Windows/DirectX in real-time (as Xenia does for 360) costs 3–10× CPU. For Series X|S, it's theoretically possible but legally/technically unsolved.
Devs recompile with Xbox GDK → Windows SDK, swap APIs, retune for PC hardware variance. That's why Halo MCC, Forza Horizon 5, Gears 5 exist on PC—not emulation.