The Emsisoft BB is still based on that old HIPS. The main thing that they have added later is the ability to look for reputation in the cloud and ignore items that are whitelisted. They surely have polished it, added more pre-defined rules, etc but the old HIPS is still there and it's very aggressive. This aggressiveness is the reason why I faced so many false positives with it.
Many AVs BB is like this but some of the top tier products like Bitdefender and Kaspersky have more to it than just ignoring what is trusted by their cloud.
For example one of the main elements of Bitdefender's BB is behavioral profiles. These are machine learning based and also fine-tuned by humans. They monitor the characteristics of everything that runs on the system. When a program does a certain task, they get a score/points. Every characteristic would add or remove points and when certain points are reached, the program will be deemed malicious. Let's assume if the score is 90/100 then it will be stopped and the system modifications done by it will be reversed. Avast also works similarly. When Bitdefender's BB detects something, you're likely to see it showing "SuspiciousBehavior.********". Those random words are one of many ML based behavioral profiles.
Kaspersky's engine is apparently mainly math based without argument and Application Control aka Intrusion Prevention treats every item individually. Trust is assigned to each object, script, instead of the script interpreter. In theory and often in practice, their method is more failure-proof than some others.
Anyway, this is just one aspect. There are many other protection components. Most products have script emulators, in product sandboxing, local & cloud ML models etc. like BD, Avast, ESET, Kaspersky, MD, Norton have them. Don't know if Emsisoft has them. Let me know if anyone has the answer.
Do you know AVs like Norton even give your system a score? It's based on your behavior. If you almost never come in contact with malware you'll have a more favorable score and AVs may take certain actions and optimize itself accordingly. Norton's old blog post/changelog talked about it briefly.
Surely many other AVs also take this approach but they don't disclose it. Trend Micro for example would block anything unknown if it detects multiple malware on your system in a short period of time. Which is why it's not easy to test Trend Micro.
I believe Bitdefender's photon technology also has some similarities to Norton's scoring system. It's a patented tech that makes BD optimize itself differently on each system based on the user's behavior and usage pattern. Bitdefender has a hefty engine and quite a few BD-based products have/had more or less performance issues with it eg: formerly F-Secure and G-Data which uses it still now. Bitdefender has photon while others don't which could be one of the reasons. I'm just guessing here.
Emsisoft's Behavior Blocker's notifications are a giveaway that the base is still the old HIPS and might not be as advanced as many of its competitors. I'm sure you could find many samples that would not bypass even older Emsisoft because certain methods used by the malware were already a pre-defined HIPS rules back in the day.
But It's not a surprise because their user base is much lower, revenue is lower and probably don't have enough to invest like Bitdefender, Kaspersky, Avast, Trend Micro, Microsoft, etc.
So to answer your question, no Emsisoft is not too impressive or too strong. Any product can be too strong if they want but that would kill the user experience.
One more point that I would say is that IMO based on overall protection, user experience and performance impact, Bitdefender is the best AV using the Bitdefender engine.