Yes, but the emulator doesn't circumvent any copy protection. It utilizes the decryption key from your own hardware (assuming you dumped it yourself) to run ROMs which have already had the DRM circumvented by whatever was used to dump them in the first place (which the emulator doesn't do).
This is generally the same reason why emulators such as Bleem (which works the same way as Yuzu with the decryption keys but for PS1) have been ruled legal in past court cases.
A good analogy would be that you're using their keys, on their locks, but put in a different door.