The emulator these days is just using an x86_64 image and with not-that-modern VM hardware extensions the overhead is pretty small.
So I'd expect CPU performance to be very similar if not basically identical.
GPU performance would be the bigger question, and the emulator has put a lot of work in that direction. Is this better or worse than that would be the biggest difference performance-wise.
- (pro) It run on a laptop/desktop so it's performance will be a lot better
- (con) If the app has any native code inside it, it will need to support x86_64 or you'll need to have an ARM laptop
- (con) Like many in the thread mentioned, some apps will require Google features to even start.
- (con) I'm not sure if Waydroid will report secure boot features to the apps that require it.