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Running Kirby's Adventure without lag would require speeding up the CPU, which in turn would require speeding up mask ROM and SRAM access.
Not necessary, there is plenty of dead cycles in the 6502 that can be removed, and by adding a cache you can remove even more cycles by not accessing the external ROM/SRAM when it needs to (making the CPU runs much faster once data is cached in the FPGA's internal SRAM). Of course that'd probably break things if you aren't careful enough, but this is an endless cycle.
I also didn't mention it but a FPGA clone could come with an upscaler and output higher resolution video or something like that. Actually I'm pretty sure some kind of clones does this, even if I never used any myself, I heard about it.
And, to answer the original question, I don't think the term "emulation" applies here, because an hardware clone is definitely no emulator, until it's an hidden PC running an emu or something, that a FPGA clone definitely isn't.
However, most of the drawbacks of emulation, that is, it's hard or near impossible to get 100% accuracy, still applies, which makes it understandable why people would vote "yes".
So the definite answer is "sort of", it's not emulation technically, but has the same shortfalls and drawbacks as emulation.