I think that emulator should not be outright banned, but perhaps we could sort them in to a new category?

Emulator's load times are very much faster than console, would lead to a disadvantage. The game has plenty of runners on console, making a subcategory specifically for emulator is not necessary.

loads on console are about 10 to 15 seconds long for the game

But, I feel like that It closes alot of people out from speedrunning the game

true but its an unfair advantage also if you think about it, like you can run on emu and stuff but its up to the mods