Many games actually dynamically generate new "shaders" on the fly, based on which lights are near an object, and in which order.
Second we can't use those vertex/pixel pipeline states directly on modern GPU, they need to be translated into modern shaders, and then compiled by the driver for your graphics card. It's actually that compile step which causes the stuttering, dolphin's translation is plenty fast enough.
The combination of these two facts means Dolphin can't depend on any pre-computation at all.