I am all for competition, and while I have no love for Intel, I do want to see them and other vendors come out with something that can challenge the m1. But the current chips aren't even close. They have faster chips (through virtue of multiple cores), and they have lower power chips with nowhere near the performance. They have nothing in the same power class with even class with even remotely the same performance.
If I were them, I would own up to it and lower prices while I develop something new.
As for the "extremely slow emulation", they is where the m1 is most surprising. For example, I have a top of the line 16 inch macbook of the most recent model with the highest speed i9 chip available, and I also have a top of the line thinkpad x1. The m1 easily beats most of them on almost all tasks and benchmarks, Under Emulation. And it does that while consuming much, much less per. That is pretty much unheard of in the history of computing. Not to mention, this is apple's lowest end chip! If Intel is playing catchup now, what will happen when Apple releases chips with a core count of 12 or more?
Now, it isn't all roses. I don't want Apple to be the only choice, so I do want competitive chips from other vendors, whether that means Intel, and, qualicom, Samsung, Toshiba, or whomever.
But at the moment, there is no contest.