How good is the latest version of wine?

Search for the applications you want to run here, to get some idea of how good wine is at what you want to use it for: https://appdb.winehq.org/

It depends on what you want to run.

Games generally run very well or even better than windows, but if your target is games you should use a more "optimized" verison of wine, like proton. Other applications are a bit of a hit or miss: things like MS office, adobe trash, etc. don't run very well if at all, some may have random issues like crashes or the UI not working properly, others run perfectly, you have to try it.

If you run into issues, don't be discouraged: for games, take a look at protondb.com or PCGW (fixes that work on windows usually work on wine too), for applications, check the appdb on winehq.org; when something doesn't work more often than not it's just a missing library or some setting you have to tweak.

if something isnt working with regular wine, try steam proton. yes, even for non-game software.

For games, just about anything that isnt intentionally made to not work in wine works. For other things, it really depends on the program. You can usually look up online if anyone has gotten your specific program to work unless its really obscure

Not the greatest; they need time to mature, so often the versions from a couple of years back are more palatable.

i only tried one program but it ran fine