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There are some restrictions in Nintendo's content sharing policies. There are some reasons to believe (based on events occuring in the past) that Nintendo does not like people to be using/essentially promoting unofficial emulators. Nintendo's written policy states they are currently choosing to allow people to share Nintendo game content with commentary, BUT, Nintendo reserves the right to remove (Which they in theory MIGHT opt to do if they see play on an unauthorized system).
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The definition of "pirated" software is informal/up in the air - Nintendo might consider an extracted ROM used to stream the game in Cemu to meet their idea of `pirated', even if that wold be a legal personal backup of your owned physical cart. Especially anything that "infringes on the IP of Nintendo and/or, Features pirated Nintendo software."
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There is also a FAQ below the Guidelines that shows Nintendo ultimately reserves the right to remove / claim against anything. Therefore Nintendo has a potential say in whether people can broadcast their content or not, and Nintendo has published Game Content Guidelines for Online Video and Image Sharing the game also contains content that belongs to Nintendo, therefore, they have (in theory) potential copyright claims over any broadcasts containing Nintendo gameplay. You could almost certainly play the game legally for your personal enjoyment if you have extracted your game ROM from your legally owned physical cartridge and loaded Cemu with the keys.txt and any console code or firmware used by the emulator extracted from your own WiiU, but as for streaming the Nintendo game. Emulating console gaming hardware is not illegal the potential problems come up in broadcasting and the software code that has to be loaded into the emulator (and how you got that code there). Playing a commercial game on an unauthorized console. Its a gray area - in that there will always be some doubts when I was wondering if I could stream Botw running on CEMUĮmulator.
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