Yes and no. The reason why the ROM sounds like shit is it's a PAL ROM conflicting with a NTSC based emulator. However, one certain emulator (FCEUltra) has a feature that toggles between NTSC and PAL mode. But once you set it to PAL mode, the music's pitch will be a bit higher than in NTSC format which another reason why PAL NES sucks.
But other than that, yeah FME7 is emulated.