Not equally: you cannot boot from a hostfs on drive c: with metados. And that is an issue if you have references to it in your project files.
Ah, right. Not a showstopper for Uwe's case but in general it would be nice, yes. I see it's a similar chicken-and-egg problem as set_mmu.prg + its inf file in the past.
While one could apply a similar approach (take Ulf Ronald Andersson's BetaDOS source code and port them over to EmuTOS), there's the complication that it requires configuration not only on Atari side but also on the host side (the hostfs path assigned to the given drive letter).
Maybe one could use a hybrid approach, e.g. to have the hostfs.dos integrated into EmuTOS while betados.prg would be bootstrapped via Aranym's "Bootstrap" and "BootstrapArgs" (which requires slight modification on the BetaDOS side).
But I guess that's for another discussion, sorry for derailing from the topic.