When it was Intel on both sides people still came for MacOS and the better hardware. Apple's operating system was enough to carry it through the years of too-early USB-C ports and butterfly keyboards.

A Windows ARM machine will always be hampered by Windows. Even if they built in a solid emulation layer as good as Rosetta you're still stuck with system hogging processes, ads on your desktop and legacy knots like 2 system settings apps.

If they can crack the emulation layer then what Microsoft need to build is a barebones OS similar to Windows 7 designed from the ground-up for ARM whose only job is to act as an enabler between apps and the chipset.