I made a simple Sine wave generator in Reaktor and put a Console Emulator (Channel-type) on that track and a Bus-type on the Master track.
In the three images below - the first has the two CE's off, the second has just the Channel one on, the third has the Bus one on.
Analyst shows the spectrum in each case.
I didn't post the other types of console emulation - they are slightly different, but similar.
There is a slight increase in low and high frequency components in all cases when the emulator is on.
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NO CE:
Channel CE:
BUS CE: