Okay, but really, the issue is less the hardware itself (There may be legal ramifications for them using something like that thing which I will ignore for the sake of argument) and more the software being dated. As he was explaining in the video, the option they had considered was new tools and middleware (e.g. specialized software that performs specific tasks on behalf of the game engine etc- FFXIV for example, uses a kind of middleware known as a wrapper to easliy enable the game to run on MacOS without having to rewrite the engine code to use calls to the Mac OS' graphics subsystems instead of the DirectX that is used by Windows- I think FFXI uses a wrapper for the PS2 graphics systems to work on PC, but I'm not pretending I know the details of how it works).

Making the PS2 dev environment run on a PC doesn't address the issues of continuing to devleop a game in 2023 using tools designed in 2003 or earlier.