This myth needs to stop being spread. Emulation lies in a legal grey area and only some parts of it have been tested in court. Only those parts are defined as legal.

It may well be legal, it may not, but until it's tested in court then nobody can fully claim it's 100% legal

Googling turns up some court cases. Among them this which included copying of a copyrighted artifact:

"Sony Computer Entertainment, Inc. v. Connectix Corp. (2000): The Ninth Circuit ruled that Connectix's intermediate copying of the Sony PlayStation BIOS during reverse engineering to create the Virtual Game Station emulator was fair use."

That is how legal things usually work. Legal by default because it's not illegal.

We are about to get a flood of new nes, snes, gensis, etc games. Corporations that require moats to exist are in serious trouble, we don't need new drm'ed hardware for entertainment. It's going to be the 90s again but even crazier.