Visual Studio Emulator for Android works great with Android Studio. There is only one problem I am experiencing now: It is detached from ADB frequently. I can start the emulator and load an app to run without any problem. However, after a while, it is detached without any warning. Android Studio and Android Device Monitor do not see the emulator anymore while they can always see a physical device connected to the dev machine without any problem, so I assume ADB works fine. Restarting the emulator will restore the attachment, but it will detach again after a while. Resetting ADP does not help.
I've been having the exact same problem. It's not a fix, but a workaround; you can manually reconnect ADB to the emulator using command line:
adb connect <ip>:5555
(from Prem's answer on a similar question)
You can find the value for < ip > if you look in the ADB logs. You'll probably see something similar to
ExecutionException getting info for device 123.456.123.456:5555
Or you can open the 'Additional Tools' of the emulator and see the Network Addresses.