As demonstrated in the video below, Emotes do not play to other players if the respected player is falling.

How to recreate:

Step 1: Have 2 users being present looking at one another.

Step 2: Have 1 user fall and emote while in the air, doing so will play the animation to the respected holder while in 3rd person or 2nd person perspective. The other user observing will not see the animation play.