WINE Is Not an Emulator but I'll bite.
Yes, WINE most definitely is pre-installed. Including Lutris and Winetricks for added game compatibility (see tips on configuration in other forums).
I believe it is the latest version of WINE available but there is an update function in Commodore OS that checks for new versions of all the packages and installs them. That update function is available from the Commodore OS menu under the System menu at the top of the desktop.
Steam also auto-installs the first time you select it from the menu.
There are other game stores available from the games menu too.
There are some cool freeware Windows games under the Windows section.
You get there by clicking on the C= logo in the dock. They all play really nice. (Click on the EXE files)
DOSBox is also included to run some interesting freeware retro games under the DOS section. (click on the BAT files )
The Linux section contains Hurrican, the spiritual successor to the Turrican series, which is awesome. (It is click to run).
If you are interested in more free games, the Commodore OS menu, available from the System menu at the top of the desktop, has an item that auto installs ~54 of what I consider, the best Linux games. I tried practically everything in the repo. Most of the games are retro remakes.
There is a list of the games here that could potentially provide 100s of hours of entertainment.
viewtopic.php?t=10
My son had a blast as we went through them all together over a few weeks. I couldn't pull him away.
Have fun.
Leo