Lots of legacy applications (devices + code) for the x8086. Don’t see it disappearing in my lifetime.
Things that do all the “Work” are compilers and interpreters.
The upper level languages that everybody Calls “code”, really isn’t squat.
Most applications can be ported over to any hardware, X86, 68XXX, ARM, SPARC et al.
Real time stuff is trickier, but most people don’t do that sort of thing.
The biggie for me is auto diagnostic software to go with the USB-OBD-II cables I have. Even given that, I am thinking about buying a Mac Mini in the near-ish future. Just waiting for the new chip stuff to sort itself out.
ARM systems will likely have x86 emulation for those legacy systems.