The result of this sort of emulation would just be faster read time though, game data from the CD image would be transferred that much faster to that 256 KB/384 KB system RAM for execution, etc.
Emulating an actual CPU, a GPU, Sound CPU, etc. all the main parts of the actual console that process the game for playing on your PC is what introduces all the inaccuracies that people might complain about and why they prefer real hardware. Emulator authors NEVER even finish all of that work, it's never 100% because it involves reverse engineering your way to the goal, without many of the inside design docs of the company that created the console and so forth.
This sort of component though, a CD reader emulator to intercept read control from the physical CD reader to the USB add-on should be something that a programmer(s) could completely finish because it's not as highly complex as say emulating a whole CPU, etc. So yeah, I'd say the concern of this emulation here somehow not giving you a 100% identical experience to the real CD reader is unnecessary.