Not an expert, but from what I see the code is being recompiled for the new platform, so no, this is not an emulator. Emulating would require running the original binary on top of a virtual representation of the console in question.

Decompilations OTOH are work-intensive recreations of the source code, and people expect this recreation to have certain resemblance to the original (unavailable) code. This tool doesn't do this.

It grabs the binary "translates" it to C by using some clues to restore some of the structure, but it's C output is basically unreadable for humans. This output is then piped into a compiler for the target platform together with the pulled assets.