So what's really going on here is that the emulator must emulate not only the SNES hardware, but also the television. Video game emulators have had to deal with this for a long time, to varying and increasing levels of accuracy. Televisions (especially analog CRTs) have quite a bit of emergent behavior in processing the display input that is not easily captured and replicated by your typical frame buffer. Interlacing is a major such phenomenon; most emulators still simply treat the 60 fields per second as 60 distinct frames rather than interlacing them. (And younger players are used to seeing the games that way, never having played on original console and TV hardware.)
The ultimate example of this effect occurs in emulating games that originally used a vector CRT. An emulator writing to a raster frame buffer simply can't replicate the bright, sharp display of a real Asteroids or Star Castle or Battlezone machine.
TV behavior even goes beyond electronics. Consider the characteristics of the phosphor coating and the persistence time between refreshes. Some games made use of effects where that characteristic mattered, so if you want to emulate that with high fidelity, yes that will take a lot of CPU cycles.