The hardware they run is different, but the approach is the same in that FPGA and low level emulators both aim to accurately emulate the console hardware itself. You could theoretically reach 100% accuracy with either method. My problem with Analogue’s “no emulation” claims, is that they mislead people into believing their products are perfect recreations and that software emulation is inherently inaccurate. Due to being reverse engineered reproductions, Analogue’s core still encounter similar bugs that are seen in software emulators and need to be patched.
Although still not as good as these, Texas does have some weirder names. Point Blank, TX and Cut and Shoot, TX are two that come to mind.