Earlier quoted context omitted.
Emulating the hardware usually requires cycle-accurate emulation of things running in parallel, so it's not quite so simple as just the program in the ROM.
Yes and no, with the 8bits and probably 16bits like the C64, NES, etc you really want cycle accuracy and emulating something like the PS2 really well would probably need a fair bit of accuracy. HOWEVER.. writing an recompiler (not feasible for 8bits due to the amount of self-mod code) you could probably insert pattern checks to detect writes to DMA-starting locations,etc (thinking back to our PS2 games) and transform…
The UK C64 disk for “Skate or Die” had copy protection that did exactly that, as an example.