I think it's worth noting that this isn't actually emulating a Raspberry Pi. The option "-M versatilepb" to QEMU tells it to emulate a VersatilePB, which is an Arm development board that's now a decade or more old. It happens that this can be set up to use an ARM1176 CPU, which is the same as the one in the RPi. So you can run a kernel built for the VersatilePB on a VersatilePB model, and use the same userspace/files…
Also (and I know you know this, pm215) you can actually emulate a Raspberry Pi 2 machine (i.e. the bcm2836 SoC) in recent versions of QEMU with the "raspi2" machine type. There are instructions that worked for me here: https://raspberrypi.stackexchange.com/a/71172
Running raspbian in Qemu seems slower than running on a real Pi, multicore would definitely help.