It definitely emulates the OS, but I think when they say that its not an emulator, they mean its not a CPU emulator. They should really be more clear about that, because it makes them sound stupid.
Here's the suggestion for running x86 stuff; https://wiki.winehq.org/Emulation
Would I bother? Nope. In my experience, WINE has NEVER worked for ANYTHING that was actually useful or necessary.