Dolphin has emulated disc read speed for a while now. The previous issue of load times issues should be gone.

Does this change the opinion about using dolphin to run this game (as long as the runner in question uses the latest version of dolphin)?

The answer is still no. Even with emulated read speeds, it still wont be the same as actual disc read speeds. Plus, there would be no way to know if the runner using the emulator could be using other settings in Dolphin to speed the game up, or give themselves an advantage.