Yes it does I am doing it now using M3U from Channels DVR as a tuner IN EMBY and it shares the 1 tuner for the same channel. I am watching the Basketball game in EMBY and Channels and only using 1 tuner.
2020/09/22 18:34:59.643938 [TNR] Opened connection to 13147C7B/1 for ch754 TNTPHD
2020/09/22 18:35:33.734277 [TNR] Sharing existing connection to 13147C7B/1 for ch754 TNTPHD (clients=2, len=0, transcode=none)
You just have to make sure to use ANY when extracting the M3U
True, sort of. If using Channels' M3U playlist as your tuner for Emby, then Channels and Emby can share an open tuner for the same program. However, if you are using the HDHR directly in both Channels and Emby, then they can share the physical device, but not the individual streams.
Thanks for all the information. When I tried it I was not using format=ts and channels did not always release the tuner when emby was finished with it. So eventually all tuners were in use when none really were. The only way I could release the tuners was close and restart channels. Thanks again now that I know it's possible I'll put more time into it.
What are you saying here?
He is saying that if you do not use M3U but setup your tuners Individually in EMBY then if Viewing the same channel on EMBY+Channels it will use 2 Tuners. Which he is absolutely correct... but this is a using M3U thread. 
Got it now. Thanks!
Getting lots of buffering but working.
Is your channels DVR server on the same machine as EMBY mine is and no buffering. I also found it better to use the Channels DVR IP and not the machine name.
#EXTINF:-1 channel-id="22.3" tvg-logo="https://tmsimg.fancybits.co/assets/s55241_ll_h3_ac.png" tvg-name="KPXGDT3" group-title="Favorites",IONPLUS
http://10.0.0.2:8089/devices/ANY/channels/22.3/stream.mpg?format=ts
Same machine and Ip used
Not sure what you are running on I am on Windows 10 and recording to 10TB mirrored Windows 10 Storage Space and have my Channels DVR Stream folder (symlink) separate from my recording folder on a SSD. Also my EMBY transcoding folder is on the SSD.
I prefer keeping all transcoding and streaming separate from my recordings.
Not quite your setup but I am on windows 10 I5 processor 16 GB ram 2 x 1T drives. But Monday my DS720+ 4T drives and 6GB RAM is coming so I will be redoing my setup so will see how that works out.
You have plenty of horsepower not sure why you are buffering.
Also where are you doing these edits I am just using the address as a tuner.
I used the M3U8 file created when I input this in my browser http://iptoserver:8089/devices/ANY/channels.m3u?format=ts and used that as my tuner input in EMBY by browsing to the file. I do not use the address but use the file no overhead. I just renamed it to a more friendly name.
Ok I tried that not much better but I have double entries with the change .
Remove all the M3U tuners completely then just add the file tuner.
I did some investigating and found out why I was having trouble mapping channels and found out that channel-id is not the standard but tvg-chno is the standard. Editing the M3U file and doing a replace worked like a charm.
I will add tvg-chno
@Edwin_Perez what channel numbers are you using? I couldn't get channel number to help me map channels. Using the correct call sign did work.
Here the latest example of my m3u entries:
#EXTINF:-1 channel-id="44" tvg-name="BBCA",BBCA
http://x.x.x.x:8089/devices/ANY/channels/6087/stream.mpg?format=ts
I found for Emby, channel-id (i assign custom channel numbers) works to put the channels in the order I want, but the call sign determines the auto-mapping awesomeness. Using this format I don't have to map any of the channels in Emby.
I also beta test for NEXTPVR and couldn't map the channels because it numbered them 1-33 etc ... Sub pointed me to the standard I made the change and both EMBY and NEXTPVR mapped correctly with the channel numbers SUB from NEXTVPVR is adding channel=id in case tvg-chno is not found...
@tmm1 Thanks.
Appreciate the addition this will make it easier for PVR clients that use that. They can use the url directly if this addition is made.