Possible different micro ops for different semantics.

They also don’t mix instructions sets within the same process - the diagram I saw had ARM Linux as a guest under z/VM or KVM. For generations now no OS (not VM, not z/OS) hasn’t seen the bare metal machine, only ran under the PR/SM hypervisor, which is what does the logical partitions now.

In order to properly run OSs for the 360 and 370 generations, s390x also has instructions for setting up CPU flags to more precisely emulate older machines. From an s390x binary you can, IIRC, do a jump to an address telling it that, from the jump forward the ISA is the one of a 360 until it encounters a return, which restores 390 mode.