i've just done a tour of every PC emulator i can find that claims to do 8086 emulation, and not one of them does the right thing with
c:>debug-afffe
1234:FFFE call 1234
1234:0001
-a1234
1234:1234 ret
1234:1235
-t=fffe
with one exception - well done bochs! - emulators end up at CS:0x34. bochs, and real post-286 hardware, crash with a protection fault (well, bochs goes into an infinite loop, but that's close enough). but an 8086 will end up calling CS:0x1234, and anything that claims to specifically emulate an 8086 should emulate that behaviour too!