Downloading the executable for the emulator isn't enough. You need a "Board Support Package" (BSP) or a sample OS image.
: The primary development environment. Professional versions are typically required for smart device projects. Microsoft Device Emulator 3.0 microsoft+windows+ce+60+device+emulator+download+link
⚠️ There is because the emulator executable ( CEDeviceEmulator.exe ) requires a licensed OS image and BIOS file from a Platform Builder installation. Downloading the executable for the emulator isn't enough
Sites like Software Informer host older versions of the standalone emulator executable. 2. Required Components for Installation microsoft+windows+ce+60+device+emulator+download+link