The current approach is a result of multiple trials and is possibly the best solution identified so far. It utilizes Pyodide, a Python interpreter compiled in WebAssembly for browser usage.
A modified version of the earthengine-api package, which doesn't require initialization, enables all Earth Engine operations. In addition, functions like print(), Map.*, Export.*, and the JavaScript version of require() (which can be accessed as oeel.requireJS()) along with some more exotic ee.data.* functions, are forwarded to the Code Editor.