Is there really demand for the resurgence of Flash? In its final years it was used to provide capabilities that the browser couldn't, like video playback. Web Assembly will not provide that same advantage.
ActionScript is really the easy part of making a Flash player: the hard part is being bug-compatible with almost every version of Flash ever shipped (the Adobe implementation has lots of branches depending on version of Flash that created the file!).
Archival purposes of old flash videos? It would be sad if it would become impossible to watch those old pieces of Internet culture unless someone had exported them to an mp4 video file.
Same with games, for which there isn't even an alternative format to save them in.