100%. If we could get a DomString8 (8-bit encoded) interface in addition to the existing DomString (16-bit encoded) and a way to wrap a buffer in a DomString8, we could have convenient and reasonably performant interfaces between WASM and the DOM.
The current situation is that we have limited uptake of WASM. This is due, in part, to lack of DOM access. We could solve that but we would have to complicate WASM or complicate the DOM. Complicating WASM would seem to undermine its purpose, burdening it forever with the complexity of the browser. The DOM, on the other hand, is already quite complex. But providing a fresh interface to the DOM would make it possible to bypass some of the accretions of time and complexity. The majority of the cost would be to browser implementors as opposed to web developers.
At least some of the implementation complexity is already there under the hood. WebKit/Blink have an optimization to use 8-bit characters for strings that consist only of latin1 characters.