After discussion with viper, I have demonstrated that with the duckstation emulator settings Read Speedup 2x (Quad Speed) and Seek Speedup 2x, emulator still loses time to PS2 Fast Disc, you can watch the comparison video here. I haven't tested this with every level but I did test with a few of the levels following the three that I tested in the video and PS2 consistently loaded faster. I just used livesplit to test the time roughly so this isn't exactly frame precise but you get the idea. I think PS2 should be the fastest official way to play the game for anyone who wants to take the game super seriously and get the most optimal time, but allowing these settings is great for accessibility. The rule has now been updated to reflect this.
I don't think the Switch version is going to be allowed on the main leaderboards purely because it's a limited edition until the 31st of March. If the digital version ends up being the fastest version, then it gives an unfair advantage to anyone who wants to speedrun the game after March 31st when they can no longer buy it. Sure they can buy a physical copy second hand, but it might be slower than the digital version and they're permanently going to be at a disadvantage. I can see it being added if they end up re releasing it at a later date that isn't a limited edition, but the most likely thing that is going to happen is it will go on the 3D Allstars own leaderboard.
'Theoretically this might save time' ok, what would it save time on
its just a speedrunning meme, you can do what you want but it isnt gonna get verified until spoilers die down
also i might add that emulated runs faster than 1:35 are not accepted
you need proof if your run is faster than 1:25 :) otherwise just upload your splits with a screen shot and on splits.io
just did a test run against someone elses video, and the wii has faster loading times