I think things will get a lot better when the underlying enabling technology is in good shape. The audio engine needs to be running in a real-time thread, with all communication with the rest of the world in nonblocking IO. There are lots of ways to do this, but one appealing path is to expose threading and atomics in wasm; then the techniques can be used for lots of things, not just audio. Another possibility is to implement Worker.postMessage() in a nonblocking way. None of this is easy, and will take time.

If we had gone with the Audio Data API, it wouldn't have been satisfying, because the web platform's compute engine simply could not meet the requirement of reliably delivering audio samples on schedule. Fortunately, that is in the process of changing.

Given these constraints, the complexity of building a signal processing graph (with the signal path happening entirely in native code) is justified, if those signal processing units are actually useful. I don't think we've seen the evidence for that.

I'd personally be happy with a much simpler approach based on running wasm in a real-time thread, and removing (or at least deprecating) the in-built behavior. It's very hard to specify the behavior of something like DynamicsCompressorNode precisely enough that people can count on consistent behavior across browsers. To me, that's a sign perhaps it shouldn't be in the spec.

Disclaimer: I've worked on some of this stuff, and have been playing with a port of my DX7 emulator to emscripten. Opinions are my own and not that of my employer.