Sure. Just look up the DeCSS controversy which got the creator of a DVD ripping software arrested and barely avoiding extradition, or the 09 F9 controversy where the MPAA attempted to censor a number from the internet.
This provision in the DMCA has been most often used against developers of unauthorized DVD copying software, Blu-ray copying software, etc; and the force of the legal argument has been well proven previously. It nearly killed RealPlayer when they made unauthorized software for DVD playback.
You can also see this law invoked in Apple v Psystar; when Apple sued Psystar for circumventing protections in macOS to allow running macOS on non-Apple hardware. That lawsuit was dragged all the way to the final appeal to SCOTUS - and Psystar was shredded the whole way. Expect Apple v Psystar to come up in a Nintendo vs Yuzu lawsuit; because running macOS on unapproved hardware sounds awfully similar to running games on unapproved hardware.
If Nintendo were to succeed invoking it here - emulation would be legal. Decrypting games would be illegal. Consoles before, say, the Wii (IIRC) would be free to emulate due to not being encrypted - but newer games, being encrypted, would be off-limits just like DVDs.