I ended up with a recurring list of problems: I tried many and could not get any to run within a reasonable time frame. There are various options, such as the Android Emulator from the Android SDK in combination with HAXM (Intel Hardware Accelerated Execution Manager), the Xamarin Android Player (XAP) and others.
I tried using various emulators to run my Xamarin.Droid project.
While deploying and debugging code on a real device worked, I always had issues with emulators. One of the biggest pain-points was the use of emulators. From the first day that I have been using Xamarin for cross-platform development, it was a struggle.