It's explained in the video, it uses https://github.com/FEX-Emu/FEX
FEX is the open source equivalent: https://github.com/FEX-Emu/FEX
Valve is funding a separate effort for an x86-on-ARM emulator: https://github.com/FEX-Emu/FEX
FEX-Emu is a similar program. Not sure which one is better.
https://github.com/FEX-Emu/FEX
It's because Qemu is several orders of magnitude slower, it's not even in the same class of solution.
FEX is an experimental open-source solution at https://github.com/FEX-Emu/FEX, but it's still in heavy development.