A browser's JIT needs permission to dynamically generate code and then execute it, which is the primary permission Apple doesn't grant to third parties.
Other browsers on iOS just wrap Safari's WebKit in a different UI.
Many sites only need light JavaScript usage and would not run significantly slower. wasm is not supported in jitless mode. Link pulled from twitter link in sister comment by rictic.
Code generation is not a safety issue. If you have the privileges to run code then generating code should not cause more problems unless the OS has significant vulnerabilities.