There seems to be a new trend emerging in the world of MAME (Arcade machine emulator) – using it for emulating digital synthesizers and samplers. While these emulations may not be able to seamlessly integrate with a DAW like a VST, it is still fascinating to see the possibilities. Although many of these emulations may not be visually appealing, they are likely accurate at the backend. It remains unclear what the ultimate goal of these emulations is, but they do sound quite impressive. It would be interesting to know if the latency is low. On the topic of simulation versus emulation, sometimes simulation can provide a closer result than emulation. This is because simulation focuses on replicating the end result, while emulation is more concerned with replicating the process itself. For example, when MAME used samples of games, the sound may have been closer to what was heard in the arcade cabinet compared to when the games were fully emulated. However, the harsh square wave produced through accurate emulation proves useful when it is placed inside the original arcade cabinet, as it accurately reflects the audio output of the original machine. So while the sound may not be closer with MAME, the inner workings and software operation of the device are accurately replicated.
https://gearspace.com/board/electronic-music-instruments-and-electronic-music-production/1416192-synth-emulation-mame-arcade-machine-emulator-new-trend.html