The reality is both Software and FPGA emulation can be done very well and with very low latency, however to achieve this in software you generally require high end power hungry hardware.
A steam deck can run a highly accurate sega genesis emulator with read-ahead rollback, screen scaling, shaders and all the fixings no problem, but in theory the pocket can provide the exact same experience with an order of magnitude less power.
It's not quite apples to oranges of course, but the comfortable battery life does make the pocket much more practical.