I am absolutely not worried about whether or not aviation will recover to its pre-pandemic levels. Sure it will reach and exceed that level, it's a matter of time. From what I can see, most people in active age don't have any intention of staying put forever. Many are finding ways and means to travel even in the current, fairly complicated environment.
However, what puts a greater question mark over Emirates in the longer term is - will the hub-and-spoke model be desirable in the future? The marked shift towards smaller long-haul aircraft can be explained with the fact that more and more people want direct flights between origin-destination pairs rather than connecting ones. And those O-D pairs can rarely fill up an A380. So, competition from carriers operating direct flights is what I would be worried about when it comes to Emirates.