I actually don't know that it excludes emulation (or to what extent it excludes it). Like I wouldn't personally count emulating an NES game on a Switch, but when I pop an actual PS2 DVD into my computer, burn it to an ISO, and play it on PCSX2 – when I own two functioning PS2s, dumped the BIOS, and help work on the emulator – I would probably ultimately answer "yes" to this question.

But it also seems clear that the person writing it knew almost nothing about retro gaming to have not clarified this even a little.