@bernie12 is correct about the RDs. Many aren’t visiting either campus before applying. Often these are the strongest candidates who don’t make up their minds until after admitted students days. These kids don’t have “dream schools” and instead are in a great position to make the right choices for the right reasons. At 18, many are in a better position to actually make those choices.
The ED rounds have more on the line and the spike in ED applications at Oxford is a cause for concern if it’s true what is mentioned on other threads that the lion’s share of these applications are from applicants who checked both boxes of Emory and Oxford on their applications. That 47% increase is attributable to those who are indifferent to two very different experiences. There has to be a lot of risk there. At this point, those kids who applied to both and only were admitted to Oxford are hopefully comfortable with their choice.