No they couldn't, Intel relies on Windows which they don't control.
If MS would remove 32Bit from Win12 (after making sure that only 64Bit apps can use Win11 features years before) they could start thinking about it AFTER the Win12 adoption rate is >50%.
Remember Apple removed support for 32Bit CPU long before the removed support for 32Bit app long before they removed 32Bit support in HW. Both for macOS and iOS.
Windows 11 moved past 32 bits at the boot layer. ( Yes, Win32 is still dangling around but that isn't the major issue needed for some clean up to happen. ) .
Windows 10 will get desupported in 2025. That primarily what needs to die off. ( as opposed to adoption rate of something after Win11 ) . At that point Intel ( and AMD) don't really need to support BIOS and a bunch 80's and 90's vintage baggage constructs. Saying that "nothing" can happen until. after Windows 12 ships is way too conservative. By 2025 all the 'new' Windows PC systems sold will be Win11 and up based.
There is already been a shot across the bow to the "I need real mode and/or BIOS" folks.
The issue for Windows is that it won't be all that competitive either if keep dragging around first class support for 32-bit mode either. Windows on ARM won't be doing first class 32-bit mode in 2025 either. ( 32-bit mode is being phased out of the smartphone and up class ARM instruction sets also. ).
That is why Windows 11 has begun to chuck some things with "first class" support.
"...
All 16-bit programs run by default in a single virtual DOS machine with shared memory space. However, they can be configured to run in their own separate memory space, in which case each 16-bit process has its own dedicated virtual machine. .....
This subsystem is available in 32-bit editions of Windows NT only. The 64-bit editions (including Windows Server 2008 R2 and later which only have 64-bit editions) cannot run 16-bit software without third-party emulation software (e.g. DOSBox). With Windows 11 dropping support for 32-bit IA-32 processors, development of this subsystem has been discontinued.
.... "
Windows on Windows - Wikipedia
Move chunks the 32-bit (and older) cruft into emulated virtual machines doesn't need to wait for Windows 12.
So while Intel doesn't "own" Windows . Windows isn't restricted to x86 either. That's just a backwards way of looking at things. If Intel/AMD doesn't give Windows a choice but to go to ARM then it will probably leave over time. Well before any "Windows 12" shows up. It is a little more complicate approach in that need a coordinated " xx years until everyone out of the ancient stuff pool" announcements.
So the countdown clock has already started. Either Intel (and AMD) start doing something or just loose bigger in 3-5 years.
[ They could keep some. embedded and industrial control targeted CPU/SOC variants around where just primarily shrink the processor onto a very mature 4, 3 , 2 "nm" node to get more dies per wafer for "old" OS targets. More focus on running old stuff than bleeding edge performance. ]
Can they flush 100% of the 32-bit opcodes? Perhaps not. But there is a decent amount of now redundant ( 4-5 SIMD instructions sets aren't necessary ) and just plain unused instructions by the vast majority of mainstream users ( Windows 11 isn't going to touch any 16-bit programs). there are some basic 32-bit math ops that would help assist in a faster emulator/virtualization solution. [ 32-bit opcodes get translated to micro-ops anyway in modern x86 implementations. If pumping 32-bit stuff through a 'pre execution' emulation compiler anyway could have some "pre chewed " cud that is 32-bit subset that is cleaner. ( with modern multiple GB system sizes if there is some instruction code expansion that isn't necessary a bad thing. Not looking for max performance out of 18-20+ year old code in 2025 ) ]
Windows 11 cut off much of the x86 CPU line up that is older than 2017 or so. ( so stuff designed specified after around 2015 or so). That was all well into the established and shipping x86_64 era. Again. the 'deprecation' warning already dropped so that by 2025 the warning have been clearly outlined.
The gap from Windows 10 -> 11 was about 7 years. Something like a 12 is probably going to be longer. It would be a huge mistake for Intel/AMD wait around for that to pump some ex-lax/fiber through the instruction set and poop out some of the constipation.