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It has nothing to do with building Emacs, and no-one is likely to be
paying attention to the result.  The CANNOT_DUMP branch was pointless,
since it sets EMACSLOADPATH=$(lispsource) it is impossible for there
to ever be any shadows.  The EMACSLOADPATH setting was probably necessary
for emacs to work at all when uninstalled, given the way init_lread
works for the CANNOT_DUMP case.  Since -batch implies -q, in the
non-CANNOT_DUMP branch, any shadows could only come from site-lisp
files.