Maybe I'm mistaken but I thought generic ARM (not AS) had a 32 mode, and in fact that's what Windows emulates x86-32 into. If not then great, x86-32 on ARM64.
Apple removed 32 bit decoding hardware from its chips. I don’t know about generic ARM. If the chips Microsoft uses didn’t, that’s another argument about why supporting backwards compatibility effort stops a platform from moving forward. That die space could be used for something else like Apple did