If you want to publish a retro-gaming emulator as a hobby/open-source project, you can’t do that on Apple’s app store. And on a third-party app store you’ll have to pay Apple millions once it becomes popular (which would seem likely).
Since apps are still subject to Apple’s review process even on third-party app stores, they are likely to reject this because it obviously circumvents the new business terms (if it doesn’t violate them outright).