QF doesn't control what Emirates does or doesn't release to them, this is solely up to Emirates, as is the same with any partners - the fact you booked through Qantas doesn't really matter except that you have to deal with their customer service teams...
Also, as has been repeated many times - if EK cancels the flight, QF will simply refund the points and taxes. There won't be any alternatives, as for QF, like if you booked on Aeroplan, they've made you whole.
