The ARM emulator is now working with 26-bit code as well as 32-bit (although it would be a bad idea to mix them in the same process) and is capable of executing the free renderer for ArtWorks files. Unfortunately, it seems to be a little slower than the pure 32-bit version was but there's plenty of room for optimisation.
The Viewer window title bar shows the time taken to render the file (actually, the whole ArtWorks file is rendered and copied into a bitmap that is displayed by the Viewer application). The computer is a dual core with about 5000 BogoMIPs per core (the emulator only uses one core, of course). No modules from RISC OS are needed to run Viewer with AWRender.