MachTen runs as a background accessory on MacOS. Apparently it’ll turn on mmu protection if you have one.
But you are still able to run macOS software just fine.
A/UX boots macOS, then loads a loader app that takes over the machine and boots the kernel. The emulator Shoebill “cheats” and reads the kernel from the UFS disk directly and jumps to that.
Previous (the emulator) runs all the versions of nextstep for the 68k machines but also supports the true colour card, along with i860 emulation.
It’s pretty impressive what can be done with processors in the multiple GHz range with megabytes of l2/l3 cache.