The drawback with box86 is that it only emulates the 32-bit Intel architecture.
For those of us not living in Disneyland, box86 is fast, employs similar just in time techniques and runs on the Pi. I suspect the M1 processor was actually designed in conjunction with Rosetta with fast x86 emulation as a goal. One feature Rosetta brings to the table is just in time compilation to speed up the emulation. This has been possible with QEMU user mode in Linux for many years. A like for like idea is to run Linux x86 binaries transparently on a Raspberry Pi. My understanding is that Rosetta doesn't allow Microsoft Windows or Linux x86 binaries to run on the new ARM based Macintosh computers, but only old Mac software. Is this possible to run on Raspberry Pi ? I recently heard about Rosetta 2 Emulation, a way that Apple lets x86 software run on arm64.
