I think in common usage, people expect an "emulator" to be a more sandboxed translation layer than Wine, for example, provides.

e.g. it's probably a security vuln if loading a Game Boy ROM reads arbitrary paths on your local filesystem determined by the ROM's code, not so much with Wine.

Someone made a cute demonstration that I think usefully encapsulates this a while ago. [1]

[1] - https://gpfault.net/posts/drunk-exe.html