This sounds like it might be a good idea. This would not be trivial to implement though, but I might see if I can work out a Pull Request that implements this in a way that it could be done as an alternative popup to the one that is currently given when you elect to format a drive? I wonder, however, if anyone can come up with a Use Case for when it WOULD make sense to allow formatting of an emulated drive?
There is frequently a need to do this as it is not the disk that caused the drive to be disabled but the something else so not such a good idea. I also think this would be much harder to detect in a sensible manner.