For people who still remember the frameset web, "framer web" sounds like a weird wording.

Does this also use WebAssembly + WebGL like Figma?

Framer is “just” HTML/CSS/JavaScript. This means you can also do things like embed (moving) GIFs, videos and use (almost) all browser APIs in Code Components.

That'd heavily limit the perfomance optimizations that can be done, which is pretty crucial for a product like this.