I don't know the implementation details but I can't really complain about the state of wayland today. It used to be annoying to get working many years ago (worse because I had a nvidia gpu). But today I drive a nigthly build of niri, run it by just spawning an dbuss session and everything works. Bluetooth audio, screen sharing, fractional scaling, no tearing, no font blurring. Every utility I needed has been created and works quite nicely (e.g.: wdisplay). I can even play video games with HDR support.

I have a more stable experience with wayland today than I had with x11. Which to be fair was not only because of wayland but because desktop linux as a whole has made a lot of progress in the last years