You've really missed the point. The point is to lower power consumption and increase performance on the CPU level. Running a VM on top of x86 does not achieve that goal because you are still on x86.
I know very well that is the goal, I've been following this project for years now. My point still stands, you need to compile specifically for the CPU it's run on, or you need to move the final compilation to the end user. The only way to achieve reasonable performance if you distribute platform independent code is by using a process VM.
I'm not saying it will not be faster, just that it is a weakpoint in the Mill architecture compared to x86.