Wine isn't an emulator, it's a collection of code that interprets Windows executables for various different systems:
"Instead of simulating internal Windows logic like a virtual machine or emulator, Wine translates Windows API calls into POSIX calls on-the-fly, eliminating the performance and memory penalties of other methods and allowing you to cleanly integrate Windows applications into your desktop."
FWIW, the Steam Deck relies heavily on a derivative of Wine for getting existing programs to run on the platform.
Some programs will actually run faster under Linux + Wine than under Windows, which wouldn't be possible for an emulator running on the same hardware system.