One of the key advantages of FPGA retro game emulation is its low overhead processing input and audio. This is because the FPGA emulates hardware directly and doesn't have to go through OS abstraction layers built to accomodate multitasking. I wonder if bare metal emulators can achieve similar latency for software emulation.
a Pi etc has a huge advantage in raw clock speed. FPGAs are pretty slow. at least the ones that you and i can afford