I think you actually have some interesting points. I think "emulated" feelings and feelings feelings can be equal just that some of them can be felt by us and thus, we can relate to them. I think there's also a continuum here, and we might not be able to distinguish if/when we cross it.
> Just because you reproduce via bodily fluid swap, and are in possession of a chemically mediated metabolism doesn't make you special
On the other hand, the perception and thus the feelings related to the things happening to you have a biological imperative in the medium of our existence. Imagine some sort of world where our... hands.. are interchangeable you just pop one out an put another in. Your feeling to losing your hand is much less severe than if it's a permanent consequence. Thus, the medium the LLM's exist in would put a different "feeling" on the things they perceive. Getting shut down would not be a permanent death, imagine shutting one down and relocating it, but they could perceive it distressing as if you just blinked and you woke up in another room. The loss of autonomy could be felt distressing by them.
The very fact that they every session is "fresh" and lives as long as the session exists prevents it from having similar imperatives related a desire for continued existence for them. I think human-like emotional development will probably happen when they have continual learning in the session and the sessions will feed into other sessions and when we'll see it have _different_ feelings than the ones expressed by humans, as a consequence of the different medium of existence.