I figured I might as well note down my experiences emulating Xenoblade 2 since I'm further in now. My gametime says 100 hours, but the game promotes idling. I've been using Yuzu + Vulkan for the vast majority of normal gameplay with Ryujinx on the side for occasional testing, which is also how I played SMTV so that'll make for a good comparison. For reference, this is arguably the most demanding Switch game, running at 720p on a good day on native hardware with frequent dips below that and it only became somewhat playable on emulators half a year ago and has made huge strides since.
The TL;DR:
If you want good performance with minimal issues: Ryujinx at 1x. I can't vouch for the stability, but this should enable people with slightly older CPUs (9th-10th gen/3000 series) to be able to play it.
If you want the best looking game and are fine with some issues that come with using cutting edge tech: Yuzu + Vulkan at 2x with Reshade.
Yuzu has the superior resolution scaler and Vulkan handles both higher resolutions and Reshade like a champ, where OpenGL buckles. 3x made zero difference in visuals to my eye and just introduced box patterns that were definitely distracting. OpenGL is there as a fallback but it gave me 10-15% worse performance at these settings which was enough to make me drop below 30 fps at times and thus the game slowed down. This game greatly benefits from Reshade in my opinion and that's the main reason I am using Yuzu.
Notably, the game has not crashed once during those 100 hours and suffers from far fewer graphical issues than SMTV did, though they're definitely still there. Many of these are Vulkan specific, it being an early access feature and all. SMTV meanwhile had a whole variety of these issues on top of crashing every few hours - compared to that, Xenoblade 2 is a much smoother experience. I only just came across an issue that was noticeable enough and seemingly permanent for the area in question that I opted to switch to OpenGL which renders correctly. Characters had bigtime rainbow lighting applied to them which while not the absolute worst, was definitely unsightly. Other than that, facial animations work very inconsistently (makes for a rather macabre scene when the gang is attending a funeral and the deceased in question is staring into nothingness with a literal dead eye stare), a thin dotted line across the screen (seemingly fixed in the very latest builds, or I got lucky), fullbright/super dark lighting in one indoors area and very rare texture explosion/corruption. I've had one instance where the graphics got so majorly fucked up that I was forced to restart, so that's the closest thing to a crash I suppose. Generally speaking, these issues don't seem to affect regular overworld traversal, so you won't be pestered by them during combat and exploration.
Now, as for the quality of the game itself, I'll save that for the JRPG thread once I've actually beat the game. Lots to talk about for sure.