honestly, I would be ok with emulator and yeah basically PPSSPP runs better and MUCH faster than PSP(3K Model) In addition, it does not need to have an install DATA to run faster since it loads the game by a ROM anyways
I support emulator because, for new runners who do not have access to the console they can play it on emulator instead. and if they care about the game enough, they would likely invest in the console along with the game to do actual runs
But emulator runs inconsistent, even on your own computer (according to multiple people who have use PPSSPP before). This would mess up competition due to the fact that you would need a stronger/better PC to go faster as well as create variable load times every run on your own PC.
It doesn't really make sense to have a category where the platform you're using (emulator) can make your runs slower or faster depending on how you're PC is running that day. Would suck to lose/save variable amounts of time every run you do. It's one of the reasons we never created an "emu" category for PS2 games.
Reminder that you can run a game on emulator as long as you want before investing in a console. You don't need a leaderboard to speedrun.