Masking the index will break code that is actually using the larger address space: running true 64-bit WASM code (as in, using >4GB of space) won't work, which is what I was referring to.
> page table entries
Indeed, hence the reference to virtual memory. In any case, because both x86-64 and ARM64 only have 48 bits of actually addressable space, that 4GB of overhead (plus, up to 4GB of actual addressable memory) only allows for 65536 (or half that) WASM instances. That's definitely a large number, but not one that is out of reach.