The "not an emulator" thing I think is good marketing but yeah kinda confusing since it is essentially High-level emulation.
https://en.wikipedia.org/wiki/High-level_emulation
Interestingly that's how video game system console emulators after N64 got to be so fast, my understanding is the core concept is they just convert the machine instructions to x64 and do special linking to link the graphic calls to hardware-accelerated APIs.