It's true that qemu doesn't aim for fidelity. (Despite the name, qemu isn't exactly an emulator!) The development efforts upstream are almost all about getting modern OSes to work well, and quite often the OS is aware that it's running on qemu and adjusts itself - most notably with the installation of virtio drivers, but also in smaller ways. The Linux kernel has over 1000 references to QEMU in its source code.

Also if you look at qemu's device emulation, that's usually "done" when it can run modern operating systems. Qemu doesn't try hard to emulate the entire IDE or SCSI command set in every detail, or every aspect of old hardware.

Another thing is that qemu is not cycle-accurate at all. Instruction and device timings will be wildly different from real hardware, especially if using TCG.