Yeah. There's the ao486 core available on MiSTer.

There's also the PCem (as well as forks 86Box and PCBox) software emulators which are excellent ways of emulating old PCs.

But emulation (regardless of whether hardware or software) is not the same experience as real hardware, especially when it comes to PCs. There is the tinkering with hardware, the process of building the PC, the satisfying click of the power button and turbo button, using floppy disks, trying to get it online, etc.

Probably. Even including the RAM on chip and the rest of the mainboard, too. Take a modern flash chip, and you can emulate a vintage sized HDD with it.