The point is that the 8086 doesn't have anything close to the instruction set now referred to as x86_64 or even x86_32. Asking which it is is asking which instruction set it implements. The answer is that it implements the 8086 instruction set.
Saying this is an "x86 CPU emulator" is misleading, even if technically an 8086 is an example of the x86 family. To avoid the misleading ambiguity you'd have to say something like "emulates a member of the x86 family", at which point you may as well just say "8086 emulator".
Saying this is an "x86 CPU emulator" is misleading, even if technically an 8086 is an example of the x86 family. To avoid the misleading ambiguity you'd have to say something like "emulates a member of the x86 family", at which point you may as well just say "8086 emulator".