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.

just did a test run against someone elses video, and the wii has faster loading times