No it isn't, there is no translation of code going on.
Translating code is not a requirement or definition of an emulator.
An FPGA isn't a 68000 and it isn't using any of the original logic, therefore it's an emulation.
FPGA's even use software, so you can't differentiate by calling them software and hardware emulation.
The differentiation I think you are arguing about would be parallel vs sequential emulation. That is the only inherent difference between cpu's and fpgas. A cpu multiplexes it's logic gates, while an fpga has logic gates permanently allocated. The main difference is latency, as you can't make lots of things happen at exactly the same time.
But why let reality get in the way of defining a pejorative.