This is not the case of "wanting to have their cake and eat it too", as there is nothing mutually exclusive about these things. It requires no "emulation" or hacks - having a local API open to query state and push print jobs to the queue, while the printer connects to the cloud to publish state and pull the next job, presents no conflict.
Ultimaker has a similar feature set and had full local/cloud simultaneous integration. The only thing you "lost" by pushing a job locally was that when viewed in the cloud portal, the mini 3D model preview in the queue was missing, and only because they never bothered making the cloud solution pull it from the printer for local jobs.
But then they also did like Bambu and killed local printing entirely because they are all enterprise-only now want to sell you their higher Digital Factory subscriptions.