Doesn't just emacs render to a tty?

Or is this for some Emacs build with its own renderer?

This is for the GUI build of Emacs, not the terminal (tty) version. Emacs has had a native GUI renderer since the 90s, on macOS it uses Cocoa/NS, on Linux it uses GTK or raw X11. This project replaces that CPU-based drawing pipeline with a GPU backend: Metal on macOS and OpenGL/EGL on Linux. The tty build is unaffected.