I don't think it's technically possible exactly, it would be more like this process:
Insert cartridge -> Cartridge is dumped to Storage or to RAM -> ROM is accessed from Storage/RAM. Only very small ROMs would be feasible to load from RAM, though, because RAM is already limited.
This is how the SuperStation one from TakiUdon/Retro Remake is being made to work, too.
Functionally, it'd be the same experience after dumping the game the first time as inserting a cartridge/disc on real hardware, but the cartridge/disc wouldn't actually be, or need to be, read in real-time.