Correct. All the virtual machine technology, e.g., hackintosh, VMWare, Parallels, etc., have a layer of emulation software that sits between the hardware and the operating system that 'fools' the operating system into thinking it's running directly on supported hardware.
Go back to my original statement; Operating systems are made to run on specific hardware. What's Windows designed to run on? PowerPC? No. Solaris? No. Intel? Ding, ding, ding. We have a winner. What kind of hardware are recent Macs built with? Intel! Where do the drivers come from so Windows can talk to the Mac Intel hardware? Boot Camp! Does Boot Camp do any emulation? I don't know. I don't use it. My original statement stands and is not contradicted by you running Windows on your Mac.