It's not easy to tell, how are they addressing the lack of decryption keys, if at all? I know you can treat a hacked PS4 as a decryption oracle but that's sort of a fundamental limitation to emulation, not having the decryption keys for executables.
Anyway, PS4 emulation isn't very affected by this.
Only thing it would benefit from would be that you'd be able to decrypt the firmware (and therefore run the emulator) without needing a hacked PS4 (like RPCS3 does with PS3 firmware).
Historically most people just pirate the firmware anyway (see: PS1 BIOS) so even there realistically it doesn't affect things that much. I consider this is a long-term, nice-to-have feature.