Emulators always, without fail assume piracy. Let's say you bought a cartridge, dumped it and grabbed an emulator. You bought the game but "stole" the console sale.
Nintendo's business is not just games, they need HW sales as well for the whole thing to make sense. Since I have both the game and the console, I can feel justified, but it's not their TOS and that's enough for me. Game/book/music preservation is another story I guess.
Tangent, but the new Zelda Ocarina of Time runs butterfly smooth in insane melees on an S2. Got it on day 1 and we are both over 40, pathetic. Sucks for me, she usurped it and I don't watch next to her so that I can go through the story on my own. Just watched a few encounters to get the tasted. Great game so far, 1-2AM isn't unusual.
I thought they sell consoles at a loss? [1] So wouldn't you be saving them money by not buying one?
[1]: https://www.ft.com/content/a781c853-3fed-4dfc-b940-413754618...