According to Pat Meenan the new Mac M1 chip will produce the same web performance results as running on an actual iPhone.
Running on a Mac instead will make it much easier to have a throttled connection (throttling the network directly on the Mac instead of using a throttled wifi). It will also be lower cost and we can try on many different devices if we want (or at least one iPhone and one iPad).
We need to try it out and see how stable metrics we get and let it run for a week or two.