Yes, QEMU's JIT is a fairly easy target to beat. Notably if you are happy to specialize the design to "only x86 to aarch64" and "only usermode" there's quite a lot of gain to be made. QEMU's usermode support is a kind of "this happens to work" appendix to its system emulation support, and the overall JIT architecture is a "guest to intermediate representation to host" one that is great for supporting a dozen guest architectures and multiple host architectures, but means you can't really take advantage of properties of a specific guest/host pair like "x86 has fewer integer registers so we can hard allocate them" or "we know the fiddly floating point semantics always match if you put the aarch64 CPU into the right mode". Plus there's just more time put into "emulate new architecture feature X" in QEMU development than into "look at optimization opportunities to make it faster", because that's what the people who pay for development work care more about.

qemu is a TCG, not a translator. It's designed to work with n architectures which has limits.

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