No I do not believe it is.
The EMM Proxy component is acting merely as an EAS (Enterprise ActiveSync) Proxy - it's a lightweight ISAPI filter that sits in IIS and keeps in memory alist of devices that are allowed to pass (via the Hub) based on the Hubs opinion of the devices "Compliance" status.
The EMM Proxy is simply relaying the native ActiveSync traffic that is coming to it from the device. To be honest, neither the device nor Exchange are even aware of EMMs existence - it's transparent.
EMM does not "integrate" with Exchange at all - it's placed in the ActiveSync stream to prevent line-of-sight from the outside world but other than that it doesn't actually alter or "do" anything with Exchange.
EMM doesn't "scan" mail.
I hope this helps.