When I get back into the game with Windows again, I'll be seriously looking into ETW, Event Tracing for Windows.
It seems the best startpoint to learn about ETW is https://randomascii.wordpress.com/2015/09/01/xperf-basics-re... and https://randomascii.wordpress.com/2015/09/24/etw-central/.
The 2nd link above has a bunch of links to other pages, but is a few years old, so while the old info is still relevant, a quick poke around this blog's tags finds the following additional, newer posts that also demonstrate real-world insights of ETW saving the day in a bunch of practical situations:
https://randomascii.wordpress.com/2017/07/09/24-core-cpu-and...
https://randomascii.wordpress.com/2019/10/20/63-cores-blocke...
https://randomascii.wordpress.com/2019/12/08/on2-again-now-i...
https://randomascii.wordpress.com/2021/02/16/arranging-invis...
https://randomascii.wordpress.com/2021/07/25/finding-windows...
It is fairly trivial to see all of main memory and single step execution of a wasm program. If one runs wasm3 in wasm3, you can then trace the inner interpreter as well. Check out the section on trace visualization.