So basically, what it does is mimic the operating of an apple device (iOS) and let you run any application or games on your PC instead of having a separate device for testing any applications.
With iOS emulators, you can simply test run apps to easily debug them while developing. IOS emulator allows a windows system to run and install iOS applications or games and users can easily access these apps and games on their PC just like how it will run on an iPhone or iPad.