The Yuzu emulator is gradually evolving, its some way of running commercial games but much of the underlying hardware emulation is working. As already pointed out as the Switch becomes more hacked emulation evolves with it as more code is decrypted which helps with both. The issue with releasing low performance hardware is emulation is always a risk. We saw Zelda BOTW pretty much emulated immediately and running much better on PC emulated than wii u or Switch actual hardware. Some people have even gone on to mod and enhance the game. I've seen people state they actually much prefer playing it emulated on PC who own the original game on wii u or Switch.
My PC isn't up to the task and play it only as an original on my wii u but must admit if and when I upgrade my PC I will be tempted to play and see many wii u games on it in 4k at 60fps.
We haven't seen I believe decent emulators for ps3 or 360 yet but wii u is pretty much running better than the original emulated most of the time despite being a much newer console. The simplicity of the Switch design should enable emulation pretty quick too. It is a stock Tegra X1 chipset after all so the hardware is fully exposed in many other hardware devices its really just hacking Nintendo's firmware and game encryption. In theory it should be one of the easiest to do although writing that I have no idea how secure the firmware and game encryption is compared to other consoles but at least its not unique hardware its fully documented and exposed.
We will probably see decent Switch emulation before PS3 and 360 too. I think PS3 is developing quite well but with poor compatibility so far but I'm not sure how much has been achieved with 360 emulation. It has some very high bandwidth sections of its design which it relies on quite heavily or maybe just lack of interest by emulator writers. Whatever it certainly seems like we could be playing some emulated Switch games within a year. The homebrew stuff they have got running on a real Switch they have also got running on the Yuzu emulator I believe but its only basic display output not making use of the powerful nvidia gpu hardware. I certainly feel Switch commercial game emulation is now not a question of 'if' but more 'when'.
