I have rebuilt Emacs 29 with PGTK in order to get Emacs running natively and to fix the fonts, and i already have another emacs 29 build (Lucid) installed with i use On X.
I was surprised to see Emacs on wayland was running slower than its counterpart on Xwayland. Also the fonts issue was not fixed.
While zooming in makes the fonts look better. On X i don’t have this issue.
Below is screenshots of fonts on Wayland - Xwayland and X

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On wayland (PGTK)

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Xwayland (Lucid)

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Xorg (Lucid)