Can Wii access the computer's file system (via Dolphin)?

[steel8]

I was wondering, if the emulated Wii could access the files on the computer in any way. For instance, it would be devastating if the whole computer was formatted when you used the "Format Wii System Memory"-button.

So my question is - is the emulated Wii (or GameCube) completely isolated from the computer's file system (except for the data directories Dolphin uses)?