ExtTextOut allows you to specify the logical spacing between records. It has the parameter lpDx which is a const pointer to an array of values that indicate the distance between origins of adjacent character cells. The Microsoft API documentation notes that if you don't set it, then it sets it's own default spacing. I would have to say that's why ExtTextOut is working fine.
In particular, when you construct a EMR_EXTTEXTOUTW record in EMF, it populates an EMR_TEXT structure with this DX array - which looking at one of your comments, allowed the RichEdit to insert the EMF with the information contained in the record, whereby if you didn't set a font binding then the RTF record does some matching to work out what font to use.
In terms of the RichEdit control, the following article might be useful:
Use Font Binding in a Rich Edit Control
After character sets are assigned, Rich Edit scans the text around the
insertion point forward and backward to find the nearest fonts that
have been used for the character sets. If no font is found for a
character set, Rich Edit uses the font chosen by the client for that
character set. If the client hasn't specified a font for the character
set, Rich Edit uses the default font for that character set. If the
client wants some other font, the client can always change it, but
this approach will work most of the time. The current default font
choices are based on the following table. Note that the default fonts
are set per-process, and there are separate lists for UI usage and for
non-UI usage.
If you haven't set the characterset, then it further explains that it falls back to ANSI_CHARSET. However, it's most definitely a lot more complicated than that, as that blog article by Murray Sargent (a programmer at Microsoft) shows.