How would I execute code in a string with using loadstring()?

As the title asks, how would I execute code in a string without using loadstring()? It would look like this:

str = [[
  function foo(bool)
   if bool then
    print(bool)
   end
  end
  foo(true)
 ]]

execute(str) -- prints true

I’ve tried manipulating the string by taking advantage of string patterns and functions and then storing them into a table in seperate functions and executing them all together, but that doesn’t seem to work. Any answer to my question would be appreciated.

You can probably use VMs (virtual machines)

Would you mind showing me the source code?

The source code is over 5,000 lines, it was written by a Malaysian citizen somewhere around 2005-2007.

function luaU:make_setF(filename)
	local buff = {}
	buff.h = io.open(filename, "wb")
	if not buff.h then return nil end
	local writer =
		function(s, buff)  -- chunk writer
		if not buff.h then return 0 end
		if not s then
			if buff.h:close() then return 0 end
		else
			if buff.h:write(s) then return 0 end
		end
		return 1
	end
	return writer, buff
end

I haven’t validated whether or not it is compatible with Roblox’s Luau but ‘io.open’ as seen in this snippet is unavailable.