It is always quite amusing to see a billion dollar corporation beaten in its own game :)
More information/context, if you’re curious:
Rosetta 2 in particular isn’t full emulation because the API is the same for both architectures - it is only dynamic ISA translation. I expect that Prism will be slightly closer to full emulation; there is simply no way Microsoft will reimplement all of the legacy Windows APIs on ARM.
WINE is a great example of something that is also not a full emulator, but for the opposite reason: it does not perform any ISA translation or hardware emulation, but rather only syscall (API) translation.