Yup, should be possible since we have full hardware access. GC/Wii isn't very GPU heavy anyway and apparently Dolphin on Switch Linux managed to run Dolphin at 25/30 FPS with OpenGL, once we have Vulkan working FPS should increase further.
That Android-based emulator is probably not going to have very good compatibility, it's probably going to be like N64 VC on Wii where the emulator is tailored towards certain games to make those games run fullspeed without glitches, but with most other games maybe not working at all, or working but with heavy glitches.
Dolphin though already has great compatibility so it's a good starting point, and if it already runs this well on a platform it was never designed for (since it's the desktop version of Dolphin people are running), there's hope for it running fullspeed in the somewhat near future.