Though it may help with 3D routines a tiny bit, due to the way they work, how they run.
Similar to how the 68010 helped here (it had a tiny buffer which helped with code loops).
The 8086 had to calculate a addresses and jumps through ALU, had no dedicated unit for it.
Such calculations might be easier to V30, not sure.
The V-series has INS and OUTS commands for string operations, which can improve performance a lot. 
- Provided that software makes use of it.
Unfortunately, I don’t know much about the The Colony engine. 
Except that it pioneered colour graphics on Macintosh, sort of.
Does it support any FPU, for example? 🤷♂️
https://www.youtube.com/watch?v=i1XENlUUOhA
https://www.youtube.com/watch?v=3k3qrt76Ddk
https://www.youtube.com/watch?v=laqTN5xobVE
Edit: I've tried the game on my 4,77 MH XT with V20 CPU and VGA card (and 8087).
It was at around 2 FPS, I think. In EGA graphics mode (640x350 16c).
Given that the M24 runs at about twice the speed and has 16-Bit memory, it might end up running even better with a V30 processor.
I don’t know how quick the M24 graphics bord is, though.
"Time, it seems, doesn't flow. For some it's fast, for some it's slow.
In what to one race is no time at all, another race can rise and fall..." - The Minstrel
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