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Well, at least you'll have a Windows machine that isn't vulnerable to Meltdown or Spectre.

But can it run x86 software?

Yes. Through a VM like qemu or a tool like ExaGear

Disclaimer: Microsoft employee, I work on Windows

Windows 10 on ARM64 devices can run x86 applications. This [1] video on Channel 9 seems to cover it pretty well.

I wonder if the RPi has enough power to run even something like Notepad++