yes - ARM ISA is copyrighted. To implement it, you need an ISA license. ARM typically makes this license cost almost the same as the license for an already implemented core, which is why most vendors drag-and-drop ARM cores into their designs
Fpga implementations start at $5.
Individuals “waste” both of those amounts of money all the time.
Similarly, MS offers free VMs to developers for Windows so that you can build and test against Windows without cost.
Intel has publicly asserted that their patents apply to emulation, but is hasn't hit the courts AFAIK.
https://arstechnica.com/information-technology/2017/06/intel...