From their github page [1]:
>Traditional emulators on CPUs execute code sequentially. This is a tricky method of emulation because real hardware has many chips and all of them work in parallel...This requires a lot of CPU power to emulate even an old and slow retro computer. Sometimes even a modern CPU working at 100 times the speed of the retro computer is not enough, so the emulator has to use approximation, skip emulation of some less important parts, or assume some standard work of the emulated system without extraordinary usage.
> FPGA doesn't need high frequencies to emulate retro computers; it works at much lower frequencies than traditional emulators require. Since everything in FPGA works in parallel, it is no problem to handle any possible usage of the emulated system.
[1] https://github.com/MiSTer-devel/Main_MiSTer/wiki/Why-FPGA
(Edited for formatting)