What is the legality of emulating proprietary hardware like this?
https://www.dualshockers.com/playstation-classic-emulator-pc...
Piracy of the PS4 would get their attention.
And I'm sure it's possible to find some game demos as well.
There are not—as far as I'm aware—any laws against watching copyright infringing materials; intentional possession is the entirety of crime.
What you do with the copy is irrelevant.
I can tell you that it is explicitly illegal to have the files you load into the emulator to play a certain game if you haven't purchased a copy of that game yourself.