i've been getting into retro gaming lately and i'm wondering what's the best way to play old games. is it better to emulate them on a pc or use a native console? i've heard that emulation can be more convenient and offer better performance, but at the same time, it can't replicate the exact experience of playing on original hardware. is emulation the way to go or should i be tracking down old consoles and games assuming i have the cash?

Emulation likely started because of portability. The more consoles you can fit in one device, the better. You can enjoy as many games as there are either from the palm of your hand with a phone or at the keyboard or your computer.
Obviously, the best experiences are made with the classical hardware coupled with an older Television Set. Nothing beats blowing dust off of Mega Genesis cartridges and adjusting SCART plugs until all the BUS Pins are correctly plugged on the TV...
Those peculiarities and quirks are what makes the experience meaningful for sure, but probably not for those who just want to revisit old games.

> emulation can be more convenient and offer better performance, but at the same time, it can't replicate the exact experience of playing on original hardware

With same logic we should only play arcade games at their original official arcade cabinets and we should watch cinema movies only at the cinema.

An argument could be made that it would be better to see a particular film in the cinema, or play arcade games on the real machines. The difference is that arcade machines will cost you tens of thousands, a home cinema would cost something similar. With retro games, I can buy a PS1 for 75 USD. Other consoles may be more than this, but reasonably affordable for normal people. You can buy the game media or use hacks to run from files.
It's a bad comparison because retro gaming is more affordable, so is not unreasonable to pursue. Not that I care about retro gaming, just wanted to make a point.