It depends on what you want to know: hardware or software. If you really want to experiment with different GPIO outputs to implement features such as servo control, LED flashing and display, a cheap board (like Raspberry Pi, around USD25) is very preferable.
But if you want to study the software in general, qemu is certainly much faster, and this allows you to see the internal origin of what is happening. For experiments with hardware, you need an oscilloscope, etc. But an experiment with software will depend on the conclusion of the error that others have implemented in their software.
Regarding driver development, the first version should be quickly developed on QEMU. But testing, which, of course, is associated with equipment, must be performed on the equipment.
Bottomline is: x86 is much faster that cross-cropping is always performed on x86 before it boots onto the ARM board. Compiling on the board is too time-consuming, and sometimes it may require a significant amount of space for development libraries and source codes.
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