Correction: ShapeShifter doesnt emulate Mac OS. It only emulates run time environment for Mac OS so it thinks it is running on a real Mac.
It should be possible re-implement Mac OS API on Amiga and run Mac OS binaries without emulation.
Shapeshifter is an interesting case. Back in the day, we called it an emulator because it "emulated" another system but in hindsight, it wasn't that clear cut. In today's parlance, I guess it could be viewed as an example of paravirtualization. Both the guest and host OS is patched in places by shapeshifter in order to make things work, but beyond intercepting traps, hardware calls and some patched guest OS functions, the binary code for both the MacOS and the executables running on it are basically running "natively" on the 68K processor in the Amiga.
If said patching were not necessary, then it would be straightforward virtualization.