It appears that the reflection calculations are still being performed when Emission is off, but the results are not included in the rendering (because the Emission channel is not allocated). This is a bug, and needs to be fixed in the core.
The UI is the same as in Krakatoa MX, when the Reflections are on but Emission is off, the checkbutton remains checked, but gets grayed out to show that no Reflections will be used. However, due to the bug, this case wastes render time while doing nothing.
I will log it for the developers to fix it in the plugin code. While I could change the UI to uncheck the Reflections when Emission is off, or just export the Reflections as off if the Emission is off, I would rather have it fixed in the right place…
Also I discovered that when V-Ray is set to Progressive mode, Reflections take significantly longer than when rendering in Bucket mode. We might need to warn or even enforce Bucket mode when Reflections (and some other features) are enabled.