It wouldn't have made a difference if the Emergencies Act was not invoked. There is a court order to freeze assets which does not rely on the Act, just existing laws. Even without the act and by the order of the judiciary, the funds would have been frozen.
That's a specific order, to a specifics individuals. Plus, this is a legal matter and can have a back-and-forth in court. The emergency act allows freezing assets of anyone without a judge having its say. The scale is not the same.