The terminology can indeed be confusing
RetroArch isn’t an emulator in and of itself, though the vast majority of cores are based on emulators. It’s just a high-performance frontend for the libretro API.
The idea behind libretro is that most games (and some non-game programs), be it an emulator or a game engine or a video player or whatever, want to perform the same basic handful of activities: load a file, listen for input, perform some functions based on that input and then output a frame of video and some audio samples (rinse and repeat ~60 times per second). So, libretro acts as a translator for those basic activities between a frontend (most commonly RetroArch, but there are others, as well) and other programs, which we call “cores”.
“Content” is the catch-all name we use for anything that cores load. For emulator cores, that’s ROMs. For the image-viewer core, it’s image files. For the ffmpeg video player core, it’s videos… We don’t provide any of that content, so you get it from wherever you normally get that sort of thing. We offer some freely licensed content–mostly audio/video/gamepad test ROMs–through RetroArch’s ‘add content’ menu. We can’t tell you where to locate anything else.
The advantages to using RetroArch are that:
1.) RetroArch runs on a ton of platforms, including many legacy platforms that are no longer supported by most programs and/or manufacturers.
2.) RetroArch has well-written audio/video drivers and a rock-solid a/v sync model that is often better (or at least has more/different features) when compared with the standalone programs.
3.) RetroArch has a ridiculous amount of features and options (many have complained that we have too many, actually) that apply to all or almost all of the cores at once, so you don’t have to worry about inconsistent feature sets across programs. For example, some emulators lack exclusive fullscreen, or they don’t support pixel shaders, or can’t launch from a command-line (which is necessary for use with Hyperspin/Rocket Launcher/et al.), etc.; RetroArch handles all of that and more.
Does that clear things up at all?