If you've ever played with Wayland on a raspberry pi, it's an amazing experience. It doesn't feel slow anymore. Now, apps still run slowly if they are doing anything particularly compute intensive (chromium), but it's very "responsive".
Yes, these are my experience. Please suggest if I had missed something which could provide a better experience.
My configuration to minimize variables which diminish Pi desktop experience - USB SSD boot, Zswap, Btrfs on Arch Linux 64bit (for better support for the latter 2).
1. Enabling VC4 driver at boot, enables OpenGL support to Pi.
2. For Wayland compositor, I used Enlightenment (Gnome, GDM didn't launch). I enabled HW rendering via OpenGL for all default rendering. Basic windowing experience is fast, as expected from HW rendering. Few default applications like terminal (Terminology) if used carefully(not resizing windows, not dragging etc.) works. But any other applications which use OpenGL like screenshot (or) applications which use XWayland chromium, firefox failed to launch. So, my conclusion is that this setup works only for basic windowing i.e. file transfers and careful use of console.
Perhaps Wayland via SW rendering (likely the one mentioned by you) could provide a crash free experience, but that defeats the purpose of getting general screen drawing HW accelerated (to feel responsive)?