From what I understand and what I've read on Axe-Fx II emulation, it emulated the circuit components of the amps, including analogue ones, to emulate the signal processing. If that is true, I can see how some aspects of emulation could be worse, but a drastic difference in dynamics doesn't seem possible. I also own Axe-FX II, and can't tell the difference between it and the real amps, in any regard.
