Giving WINE (originally WINdows Emulator) a cute backronym does not change the definition of the word emulator or whether Wine is one. Please check your favorite dictionaries for that.
In fact, it does. Literally, "This is not a pipe," because an image of a pipe is not a pipe.
From the artist:
> The famous pipe. How people reproached me for it! And yet, could you stuff my pipe? No, it's just a representation, is it not? So if I had written on my picture "This is a pipe", I'd have been lying!
Sourced from Wikipedia: https://en.wikipedia.org/wiki/The_Treachery_of_Images
https://www.winehq.org/about states that it was an acronym for "Wine Is Not an Emulator", and it isn't now, the opposite of what you claim. (I don't really believe winehq, but I can't find the original discussion on newsgroup archives.)
> In computing, an emulator is hardware or software that enables one computer system (called the host) to behave like another computer system (called the guest).
[0] : https://en.m.wikipedia.org/wiki/List_of_computer_system_emul...