It emulates graphics, I/O, Sound, SCSI, Harddrives, ROMs so it is by definition an emulator. It does not have direct access to the CPU so there is a layer in between (task) that takes cares of things. A modern term would be hypervisor.
No, it doesn't emulate any of those things. It patches the Mac ROM and replaces the hardware drivers for the Mac hardware with drivers for the Amiga hardware, and of course it has direct access to the CPU.
