A particular sweet spot is emulating 8 and 16 bit systems, as latency can be just as good as an FPGA setup. The infoNES emulator has been running on RP2040 for a while, and I see projects for Sega Master System, Genesis, Apple II, and Mac in the works. But you can also write much more powerful software natively.
Likely it will be possible to adapt software between these various RP2350 systems.
[1]: https://github.com/DusterTheFirst/pico-dvi-rs/wiki/RP2350-DV...
There's also a big discussion to be had about how the Rust language might more natively support SIMD. There are some hacks in fearless_simd to work around limitations in the language (especially relying on inlining as load-bearing), and it would be excellent to make that more robust. But the best path forward is not obvious.
[1] https://github.com/linebender/fearless_simd