Since Xbox360 is PPC, does this convert to x86_64?

The main README explains their approach. It disassembles PPC, generates equivalent C++ and compiles that into the target ISA (amd64).

Is it not completely crazy that this is even possible? This sounds like wizardry to me.

Qemu does something similar. And Box86 does that while keeping 3D acceleration on converting X86->ARM linux binaries.

https://github.com/ptitSeb/box86