I thought Yuzu was actually a dynamic recompiler? I remember this practice started in the days of N64 emulation, and these tools are more like debuggers than like VMs. So in this case, ROMs may only be copied “into Yuzu” byte by byte, not stored as a block in memory. At this point it’s really semantics, but that’s what the lawyers are supposed to figure out, right?
Unlike older emulators, Switch emulators don’t even support saving the emulator state, and their savegame data is stored right on the native filesystem. I believe they are actually more like Wine, and remember, Wine Is Not an Emulator.