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Microsoft says “Prism” translation layer does for Arm PCs what Rosetta did for Macs
(arstechnica.com)
This is a most excellent place for technology news and articles.
This article seems to conflate "emulation" and "translation layer". I don't think there is anything that confirms "Prism emulates an x86 CPU", only that it allows for running x86 code on ARM. This does not inherently require emulation as demonstrated by Rosetta 2, which is a translation layer.
WINE doesn't "translate" one CPU architecture to another CPU architecture either, so the WINE comparison is still wrong, no mater if CPU translation is called emulation by you or not. WINE is a wrapper for API calls within the same CPU architecture. That's it.
Wrong again.
"Windows apps are mostly compiled for x86 and they won't run on ARM with bare Wine"
What you linked is an effort to combine WINE with the QEMU x86 emulator which is an emulator because it emulates CPU calls. Hint that it's an emulator is in the name "QEMU" and an actual quote from the wiki page you linked and clearly didn't care to read: "Running Windows/x86 Applications: See Emulation"
EDIT: Let me also quote from the readme file of the Hangover project: