Either your Neo-Geo romsets are outdated. I good way to check if your ROMs are any good is to try and load a romset that is marked as "unavailable" (IIRC, Kawaks has a filter that lets you list all games and not just those that are considered to be 'Available' by the emulator) and then taking note of the error messages are generated.
Emulation quality between RetroArch (using the old cores) and Kawaks is generally the same. RetroArch may run better/smoother simply because it's in active development and optimized for Windows 10/11. Kawaks' benefit is that it's far easier to use and offers more features and options. Kawaks was last updated in 2016. Old arcade emulators work better with the roms that are readily available in rom sites, so Kawaks' age isn't necessarily a bad thing.