Yeah I don't think it's element specific. Technically you don't assume the target's elemental affinities (it would be pointless to gain earth affinity at a dodore fight because earth points don't protect against earth, water does). You gain their resistance profiles, which like people said is another stat more related to magic defense. That is, you gain whatever the difference between Uraeus and Dodore is. Emulating Dodore is fine because Dodore has higher resistances than you do, but if you could emulate Uraeus at the Dodore fight Dodore'd be doing next to no damage at all. Uraeus has much higher elemental resistances.

I wonder if emulate can make you worse. R50 conj emulating a R30 monkey, then smacking Prince of Pestilence might not be a good idea.