No, the next-gen Xbox does not run on Arm — here's what you need to know

Our sources confirmed to me this morning that the next Xbox systems, however, are not based on Qualcomm chips. There might be some third-party "Designed for Xbox" Arm-based offerings, like the Logitech G Cloud. But, the main plan from Microsoft, at least for now, is for the next-gen Xbox systems to have as much compatibility with your current library as possible. The overheads required to emulate games built for Microsoft's AMD-based systems are beyond what the Snapdragon line up is currently capable of.

In a sense, this is MS indirectly admiting that their current Windows-on-ARM strategy has significant weaknesses and their emulation is not really performing and viable.