> my steam library as a 32-bit mac binaries. I don't know a way to launch them at any reasonable speed.

To be fair, it's the emulation of x86-32 with the new ARM64 architecture that causes the speed problems. That transition is also why MacBooks are the best portables, in terms of efficiency, that you can buy right now.

All ARM chips have crippled x86-32 performance, because they're not x86-32 chips. You'll find the same (generally worse) performance issues trying to run ARM64 code with x86-64.