It will most certainly be emulated. In fact a lot of the groundwork may already be laid since it should use a similar API to NVN, a similar ARM architecture, similar Nvidia graphics, for full BC with the Switch. So we may get to it faster than with the Switch itself, which is so easy to emulate Intel IGPs can play many of its games better than it itself. It'll just raise the hardware bar because emulation takes more overhead over the systems power, but with the Switch being so easy to do it's probable that even current PCs can do it.
Security wise Nintendo doesn't seem to put that much effort in. The heavily pirated Wii's security chip was also used in the Wii U iirc, and instead of a licence key per game copy, it was only one per game, so PC installers were actually pulling copies from Nintendo's own download servers for the Wii U generation.
While it's possible they decide to give far more of an arse this gen and put more security in, remember when Denuvo was supposed to end piracy? Yeah.