Yes, and it's a very interesting use case for Wasm. Firefox has a sandbox called RLbox built on this, and has been published in a few papers.

Performance is one benefit, but the real killer feature is Wasm's guarantees are incredibly strong and formally proved. So by definition, you won't get out of bounds memory reads, memory corruption etc, assuming the implementation is correct. And because of the thorough specification, these kinds of exploits are far rarer in wasm runtimes.

https://hacks.mozilla.org/2020/02/securing-firefox-with-weba...