Yes. But manage your expectations.
If you want a 1:1 recreation of Rust or Highrise with precise 60FPS aiming, play the real MW2 on PC via Xbox Cloud Gaming.
However: If you want a canon story experience that bridges Call of Duty 4 and MW2, with impressive portable graphics, the Call of Duty Modern Warfare 2 PPSSPP ISO (via the MW3 base + mods) is a technical marvel.
This is the secret the emulation community doesn't talk about enough. A group of modders created a total conversion patch for Call of Duty: Modern Warfare 3 – Defiance that reskins the entire game into Modern Warfare 2.
PPSSPP is widely considered the gold standard for PSP emulation. Unlike console versions played on a PC, this emulator allows you to:
Before downloading, understand these key points:
If you want the closest possible experience to Modern Warfare 2 on the PPSSPP emulator, here are your legitimate options: