It would have similar problems to WINE, without nearly as many developers who understand the bug compatibility required. One project (pumpkinos) tried but there are many apps that don’t work in it. Emulation is easier. And accurate. Source: I believe at this point I am the highest authority left on PalmOS

Unfortunately, apparently not compatible with Android 14 (there's a warning about this on the website). On my Pixel 7 Pro, it says "not compatible with your phone."

Can be bypassed with ADB...

    adb install --bypass-low-target-sdk-block apk.apk

...albeit it still does not resolve the issue of whether or not the app will run on 14/15.