It is definitely very performant. However, it was a pain to set up when I first tried to use it. First installing it, then installing an ARM to x86 compatibility layer, and then certifying the device for Google Play to work (which in hindsight isn’t necessary considering that Aurora Store exists.)
Yup, pretty much that. I really hope an open source ARM to x86 translation layer will be developed in the future, right now you have to install one of them (libhoudini or libndk) separately.