This CPU simulator does not attempt to achieve the maximum speed that could be obtained when simulating a CPU on a GPU.
For that a completely different approach would be needed, e.g. by implementing something akin to qemu, where each CPU instruction would be translated into a graphic shader program. On many older GPUs, it is impossible or difficult to launch a graphic program from inside a graphic program (instead of from the CPU), but where this is possible one could obtain a CPU emulation that would be many orders of magnitude faster than what is demonstrated here.
Instead of going for speed, the project demonstrates a simpler self-contained implementation based on the same kind of neural networks used for ML/AI, which might work even on an NPU, not only on a GPU.
Because it uses inappropriate hardware execution units, the speed is modest and the speed ratios between different kinds of instructions are weird, but nonetheless this is an impressive achievement, i.e. simulating the complete Aarch64 ISA with such means.
> where each CPU instruction would be translated into a graphic shader program
You really think having a shader per CPU-instruction is going to get you closer to the highest possible speed one can achieve?