My latest project [1] simply calls into a struct via a function pointer for each instruction. With a twist. Since it returns the pointer to the next operation and uses longjmp to stop the program, which means I can get away without lookups and without a loop condition. And as an added bonus the code is much nicer to deal with and more extendable, since the set of operations isn't hardcoded any more.
Comparing language performance is tricky business, but it mostly runs faster than Python3 from my tests so far. My point is that computed goto is not the end of the story.
I'll just add that there are many different ways to write a VM; the one posted here is very low level, the one linked below reasonably high level. Using physical CPUs as inspiration is all good, but there's nothing gained from pretending in itself unless you're compiling to native code at some point.