No. 64-bit Windows has an emulation layer for 32-bit applications (the WoW subsystem). Just like Apple used to emulate PPC on its 32-bit Intel processors (Rosetta 1) and now emulates amd64 code on Apple Silicon (Rosetta 2). This is done to make the transition to another CPU architecture easier for the user because they can run their old programs.

To add a bit of confusion here, it's actually a bit simpler: the x86_64 (aka amd64) processors are fully compatible with the x86_32 (aka x86; aka i386) CPUs. There's no need to emulate anything, as the 64 bit CPU can execute the machine 32bit machine coffee directly. Similarly, (some) arm64 CPUs can run both 64bit machine code (aarch64) and 32 bit machine code (aarch32) natively.

Yeah, "emulation" was the wrong term in this context. After all, x86_64 / amd64 has been designed as a 64-bit extension to the x86 instruction set.

Christof