I bet that Apple won't rely that much on emulation this time (like back when switching from PPC to x86), instead either require app-store apps to be uploaded as LLVM bitcode, or upload fat-binaries with ARM
and x86 machine code (NextStep aka OSX did this already a quarter century ago), or maybe even statically translate x86 machine code to ARM on the app store "server side".
Most command line code installed through homebrew is compiled on the user machine anyway, which leaves the closed-source and legacy UI applications not distributed through the app store (but by the time Macs switch to ARM, OSX probably will forbid to run those anyway).