This statement isn't true at all. There are tons of fixed function hardware units for graphics in GPUs in addition to compute cores: triangle rasterizers, texture units, raytracing units, blitters, copy engines, video codecs, etc. They interact with the shader/compute cores and it's getting more common that the shader core is driving the rasterizer etc than vice versa (mesh shaders and ray tracing for example).

Calling it "all emulated" is very very far from the truth.

You can independently verify this by digging into open source graphics drivers.