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Instrumentation basically means adding loggers/print statements to certain points of interest of your hardware/software.
Instrumentation tends to slow execution down a bit, but way less than emulation.
The downside is that if the instrumentation does not provide you the data you need to debug, there's not much you can do, you will need to modify it, i.e. you don't get full visibility from instrumention.
This is unlike emulation that provides full observability.