It's the biggest awards bait on network TV and probably the most acclaimed.
Esp with Good Wife now over. That always got below-average ratings but raked in the awards and acclaim.
Last year's network programs with multiple Primetime Emmy noms:
American Crime - 6
Modern Family - 3
Last Man on Earth - 3, inc 2 specifically for the pilot
Parks and Rec, SNL, Fallon, Good Wife, Letterman - 2
Emmy's don't mean **** when advertisers can't sell ads to the demographics they need to. Thats the reason why ratings matter for ad buys. The more likely a show will get top buyers for ad space the more likely it gets renewed.