Can gcc's profile guided optimisation (PGO) be affected by emulation?

Question

Let's imagine that we compiled some code with a cross-compiler for another CPU architecture with enabled PGO, so now we have to run it in order to generate profiling data. Since we can not run this binary directly on the builder machine, we use QEMU.

Can profiling be somehow affected by the fact, that it was done in emulation? For example, does the profiler rely on absolute execution "wall time", so the slowness of QEMU may definitely do some impact?

Thanks in advance.