Functionally what browsers do under the hood is AOT compilation but not in the way that i.e. Wasmtime is. The following is my knowledge that may no longer be accurate, but this is the sort of model we planned for when designing WASM to begin with:

Browsers do a on-demand 'first tier' compilation for fast startup, and in the background using threads they do a high quality AOT compilation of the whole module. That high quality AOT compilation is cached and used for future page loads.

It is possible to use a JIT model for this but AFAIK it is typically not done. In some configurations (i.e. lockdown mode) WASM is interpreted instead of AOT compiled.