Hard to say. In one word, almost. It's the most dos games friendly program in terms of compatibility and ease of use. With D-Fend Reloaded, it's even easier.
I can find more good points with Dosbox than the actual machines:
1. Covers everything from XT to 486 well enough, especially in fast systems.
2. Ability to emulate different sound hardwares. Easy sound card setups - you can change the IRQ and DMA without problems to suit your gaming needs.
3. Ability to choose Tandy graphics and Tandy sound emulation. You need a real Tandy system otherwise.
4. No need of MPU-401 compatible ISA card to use a LA synth modules properly like the MT-32, MT-100 CM-32L/CM-64 and CM-500. In addition to all other modules. Can use all these on current hardware with a USB-MIDI cable.
5. Space management. Doesn't take additional machines for each setup, no wires, no mess.
6. No need to maintain all these machines. Dusting, cleaning, etc.
7. Hardwares can fail. Softwares can fail too, but how many times did we loose our savegames due to power failure?
8. No, memory management woes. No need to struggle to get the most from the 640kb conventional memory. Can easily adjust available memory.
9. Can easily change available hard drive space.
10. In-built image mounter. No need to depend on CD drives or floppy drives. No need to put up with CD read noises, CD errors, etc. Actual dos also has image mounting tool, but the process of making the image in a dos machine or the process of transferring to it, and the hard drive limitations in older systems, and the TSR for this tool which takes up memory are all a hassle.
11. You can install Dosbox in the smallest laptop and take dos gaming anywhere, anytime. You can play Dos games in a bus, train, plane or while on vacation. Heck, some of us play them even while working!
12. Mix and match PC "components" to your hearts' content.
13. No need to struggle with the now rare components. It's a sad truth that these components may not work later.
As for actual hardware, :
1. Some swear that Dosbox is not the real thing. No matter how close is the emulation, even if it's 100%, it's just that - emulation. So they are not happy.
2. Some will argue that the sound (esp. FM sounds) is not close to the real thing.
3. They say the adventure and fun of putting up with a real machine is lost.
4. Real 3Dfx hardware, Real SoundBlaster/GUS/MPU-401, Real Yamaha OPL, etc.
5. Basically it's all nostalgia to have the actual machines.
6. More choices and configurations with selection of hardwares - sound cards, graphics cards, etc.
7. Actual later systems are more powerful in handling demanding DOS games. Pentium I, II and III era machines are powerful and come with ISA slots, which also enable them to install Win9x and run Win9x games, which cannot be emulated properly in Dosbox. But we must remember that Dosbox is just meant to run Dos games and not anything else.
8. Some just cannot accept that Dosbox emulation is great! 🤣
Saying all that I have built quite a number of systems and still maintain my 486DX2-66 and a Pentium II 400 Voodoo 2 SLI.
There is that nostalgic factor and the feel of listening to the actual hardware sounds.
I like Dosbox as much as I like using my 486. Dosbox is my preferred "machine" to run dos games in these times, simply because of it's flexibility and it's ability to run Dos games anytime, anywhere.
Many, especially newcomers, do not know that Vogons started out as a helping forum for Dosbox and Dos-based emulation and not for actual classic machines and components. The discussion of emulating old hardwares was popular enough to imminently spill over onto the actual machines category, that the Marvin section was created later.