No, QEMU runs an ARM VM. Inside that VM, Rosetta for Linux can be used to run x86 executables, just like on macOS.
it's still surprising to me that they did this as i always got the sense that developer word of mouth helped drive a lot of macbook adoption in the 2000s.
I use ARM containers locally to dev and test locally, check in the code and the build server creates an x86 image for deployment to the server.
Worst case you have to build the ARM container yourself locally and tag it with the "remote" name and docker will just use it instead of pulling the remote version.