It's slower. Wasm32 can just reserve 8 GiB (32-bit pointer + 32-bit offset) of the virtual address space from the OS for each memory, so checking for out-of-bounds memory accesses imposes no performance penalty. Wasm64 can't do that, so each memory access is a bit slower.

You don't need 4GB and it wastes memory to make pointers twice as big? Even Linux supports running 64-bit code in a 32-bit address space ("x32 ABI") for this reason.

Apple