Whether you can stick an emulated x86-64 CPU in there is another matter. It's a much bigger engineering lift and unless Apple puts some resources into it it's not clear to me a virtualization company by themselves would want to incur the cost. I hope there is enough demand for it and that someone will provide it. For me personally the only reason I run VMWare Fusion is to access x86-only Windows applications for which there is no replacement.
[1] https://blogs.vmware.com/vsphere/2019/10/esxi-on-arm-at-the-....
[2] https://twitter.com/VMwareFusion/status/1275466832002945024
It will all come down to whether this move gives Apple a significant performance and/or battery life advantage. If Apple pulls it off it will force Microsoft and other vendors to respond.
This is critical especially when they make their older devices "EOL" and there are no more OS updates.
I would not personally buy a Mac product for the next 2-3 years.
Project is part of Office.
In any case I though we were talking about consumer devices here.