The advantage of the player version as opposed to the Remix OS install method is that the player does not risk potentially breaking the boot loader. The player is a Windows exe which starts the emulated OS.
The disadvange is really just the speed penalty. While the emulated version is fast it won't quite feel as snappy as the native installed version.
I never use debug mode, but yeah, it does log back to B4A.
Just copy adb.exe from your Android SDK folder into the MEmu folder (overwrite) and you're good to go.
All you have to do then, is "Compile and Run". B4A will autodetect that MEmu is running.