If Regina is the person Emma chooses, I’m also not convinced it’s in a romantic way. She does keep choosing Regina (she saves Regina, she protects Regina, she defends Regina) but she also keeps lip locking and declaring love for the pirate.
I’m also not convinced it would be in a romantic way nor that it even would need to be (given Emma is Regina’s step-grandchild). Those ladies choosing each other and their son in a loving, familial way would still be a powerful statement in a way that is satisfying to the GA and (mostly) to SQ fans. Since I doubt Neal would ever come back from the dead, then this is the ending that would be the most fitting and natural resolution to the problems they’ve set up since his death. It would also wrap up a story that spans the series and give Emma and Regina the family they’ve always been looking for with their son and each other.
"That’s how you know you’ve really got a home. When you leave it, there’s this feeling that you can’t shake. You just miss it." Neal Cassidy