In the PowerPoint UI I can convert a graphic into AutoShapes using the Group>Ungroup command in the context menu. It is converted into a group of shapes. Additionally it is possible to regroup them. Why are these methods either missing (in case of conversion) or raising errors (in case of ungrouping) for msoShapeType = 28?
Here's an example that works here. Note that some of the shapes in ungrouped SVGs can be edited using Edit Points but the EMF version cannot. I don't know why that'd be. A limitation of EMF, perhaps.
Sub TestConvert()
' Ungroups the currently selected icon shape
Dim oSh As Shape
Dim oSl As Slide
Set oSh = ActiveWindow.Selection.ShapeRange(1)
Set oSl = oSh.Parent
' Copy the shape then paste it back as an EMF
oSh.Copy
ActiveWindow.View.PasteSpecial ppPasteEnhancedMetafile
' At this point you might want to oSh.Delete to remove the original shape
' get a reference to the newly pasted EMF
Set oSh = oSl.Shapes(oSl.Shapes.Count)
' Ungroup it
Set oSh = oSh.Ungroup(1)
' Ungroup it again
oSh.Ungroup
End Sub