Heres news of a release of a Sega Saturn Emulator for Windows that is in its early days but still plays some commercial games:

Nova v0.1.7 is released. Nova is a Sega Saturn Emulator(SS Emulator) for Windows. Nova is capable to run several commercial games, but it's still in its early stage.

1.automatically select regions.
2.automatically select cartridge types by editing cart.json.
3.automatically save backup memory.

Nova doesn't support: states games via a CD drive

Nova Changelog:
– VDP2: Added byte access of cycle pattern registers(Sengoku Blade).
– SCSP: Implemented a new algorithm for MIBUF and MOBUF of MIDI.
– SCSP: Implemented cancellation of MIDI input/output interrupts.
– MISC: Added command FLAGS for the CUE parser.
– SCSP: Refactored INTC.
– VDP2: Fixed VRESO bits of TVMD register when its value is 2 or 3.
– VDP2: Fixed a bug of sprite shadow(Suiko Enbu).
– CDB: Fixed the pickup reset of CdPlay command, Steam-Heart’s plays BGM properly now.
– MISC: Fixed the wrong file offset of the CUE parser(single BIN).