The difference is that “emulation,” in the context being discussed here, implies there is some “emulator app” that is running in the background, doing things, and it can only access 4 cores (or whatever). Not at all how it works. And the JIT-aspect appears to be very rare in Rosetta 2, and is only necessary when doing some very quirky stuff (because, for example, Intel allows writeable code pages, so code can actually be modified on-the-fly). In most situations it’s just a static one-time translation.