Yes, it is. In that transition the PPC software was executed in an emulator (of sorts) because it could be done reasonably in that case, a separate PPC processor would have cost too much.
The ARM transition is a bit different since it's mostly about power usage. The idea is similar to ARM's big.little design but the big is Intel and the little is ARM.
The problem would be this time that Arm is in no capable way of providing enough power to emulate x86. This would mean that as of now, it would require an absolute cutover. I don't think Apple is that suicidal.
When they transitioned from PPC to intel, PPC had fallen so far behind that the Intel CPU's, even back in the Core Duo days had enough power to emulate the entirety of PPC line, and operate normally at the same time. allowing for a lengthy, but nearly transparent transition to the user.
That could not be done today if switched to Arm. Unless of course, Apple has some miracle design that even Arm hasn't announced / come up with yet, but this is highly doubtful since Apple doesn't design the Arm portion of it's CPU architecture either, but just adds its own extensions to the arm architecture