It's a bit different. WOW64 is a compatibility layer that intercepts calls into system libraries from 32-bit apps and translates them into calls to 64-bit libraries. macOS shipped both 32-bit and 64-bit versions of all system libraries, no translation involved.
So Microsoft continues to support something that is presumably harder to maintain than Apple just continuing to ship existing 32-bit libraries?
Seems like also 16bit apps????