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It is a trade off. One shouldn't fully trust the emulator.
So for example one might suggest that QA should use the actual device.
But the emulator might be 'almost' good enough that one could leave it up to QA to find the small number of problems.
Not to mention that technically problems could come up on different versions of the device or different vendors. The solution to that is problematic for most places because it requires a lot of devices and a lot of testing. And that is simply impossible for a developer to do. At least one company does something like that as there was a story about it somewhere where there was a testing lab with something like 1000+ devices.
The way I see it, the best testing is done on the actual system the user is using, whereas emulators are best used for prototyping and debugging. I've had many problems only occurred when it was run on the actual system.