Thats not what you are doing when developing a high performance emulator. The API entry points are located and intercepted and wrapped around existing APIs. Of course if you want to have a slow emulator you can optionally try to emulate the GPU at HW level.
That having said, a few things typically need to be emulated - for instance non existing texture formats and similar things if not directly supported by the target HW. Shaders need to be translated either statically or dynamically - but thats what you need to do anyway - independent of the question if the CPU is ARM or not.
In addition - and as far as Direct3d is concerned - offline precompiled shaders are in binary DXIL format and are still HW independent.
With consoles, you have no choice but to emulate the GPUs at a HW level if you want to be even remotely accurate ... (every emulator that I've looked at for modern consoles is LLEing the GPU)
On Xbox D3D12, shaders are offline compiled into
native GCN bytecode instead of DXIL on PC. Even with DXIL, drivers are still doing runtime (JIT) compilation ... (JIT compilation wouldn't be necessary on some PC configurations with AMD GPUs if developers could ship GCN bytecode over there too)
On other platforms (PCs/iOS/Android) developers practice dynamic linking, high-level APIs, multi-architecture binaries (DXIL/Universal 2). Unfortunately, the console world is a very different place and shows absolutely no mercy for emulators so we have static linking (
Apple hates this) that is everywhere, low-level APIs that are only compatible from the same HW generation even from the same HW vendor, and tries to ship native binaries as much as possible ... (there is no compiler running on console applications, everything there is truly precompiled with x86/GCN bytecode unless developers are dumb enough to include a compiler with their applications)
The biggest blocker to modern console emulation are going to be the GPUs because they aren't even remotely close to converging on hardware design unless the industry decided the next day to standardize AMD GPUs ...