From the whole Win2k obviously not, and it is common for journalists to not be very precise, but at least the kernel seems to have tons of architectural similarities with the NT kernel, and I would not be surprised if it was a derivative?
https://xboxdevwiki.net/Kernel
I also found https://books.google.fr/books?id=-8YlaRclj2gC&lpg=PA603&pg=P... and that's pretty much what I expected. But nobody who knows the difference about kernel vs. whole windows OS think that they would take explorer.exe and random obscure IT stuff and so over, and 150k is not crazy big, but for a core OS kernel this is completely expected.
The high level API seems to be based on a subset of DirectX and even a few pieces of Win32, so that's not completely unrelated either. It's obvious that the GUI was not taken from Windows, that you won't be able to maybe install a printer and so over, and it is probable that tons of custom code was also written, but that does not make the relationship disappear completely.
It might be a derivative, but calling at a “custom version of Windows 2000” is absolutely wrong.
Saying it is a custom version of Mac OS, I would call it absolutely wrong. Here, just wrong is enough :p
The Xbox code leaked in 2004 and was passed around extensively. You can find public download links from even ~2010. This was discussed in the popular 2005 CCC talk: https://events.ccc.de/congress/2005/fahrplan/attachments/591...
The Xbox OS isn't "a custom version of Windows 2000". They took the networking stack and a couple other bits from NT, but otherwise it was built from scratch.
XQEMU hasn't "struggled to emulate the original Xbox OS and kernel" - it's a low level emulator and thus just emulates the Xbox hardware with no knowledge of the OS.