No - qemu supports "userland" emulation where the processor ISA is emulated but syscalls and memory are translated to the host OS. The IRIX kernel and OS doesn't run in this scenario.
Wine impersonates OS calls, (including syscalls) but does not perform emulation on the binary itself. Wine can only run windows applications written for x86, but not windows applications written for itanium.
This appears to be running both hardware emulation on the supplied binary, (which is what VMware/KVM/virtualbox etc do) as well as wine-like OS impersonation.
I made up the word "impersonates" for what wine does just to avoid confusion. It's not a word that's used in the literature afaik, although perhaps it (or a word like it) should be.
I think the usual term Wine (plus e.g. WSL1, Darling, Solaris/BSD Linux compatibility shims, etc.) uses is "translate", but "impersonate" does sound closer to what such systems actually do.
Speaking of Wine, you can actually run x86 Wine using QEMU on a Raspberry Pi and run Windows software with it. You essentially chroot into an x86 Debian environment that's running with QEMU, then install Wine in there and run it. There's a product called 'ExaGear Desktop' which makes the process pretty seamless from what I hear.
WINE is not emulating/translating instructions to a diffrent ISA. It rather has a win32 loader and inserts some shims to map some calls to windows library functions and others to native(as in host ex. Linux). That's how I understand it. You can however theoretically run x86 WINE to run a x86 windows binary on ARM with Qemu user emulation.
That's a Windows limitation. X64 chips are plenty capable of running 16-bit protected mode code while the OS runs in long mode. It's that Windows didn't want to deal with translating HANDLEs back and forth between the two modes.
Wine has never ran 16-bit Windows programs in 16-bit mode. They are instead translated to 32-bit at runtime using some magic, especially using 32-bit addresses to emulate 16-bit real mode.
