No. Anything that sent you into oblivion was nothing at all to do with the emd update.
When the emd update happened, it either affected your site or it didn't. I assume for most affiliate or smaller sites, they probably were affected. So your rankings now drop to somewhere between where they were, and where you would have been had you never built on an exact match domain in the first place.
You were never penalised - you simply lost some/all of the benefit that the exact match domain was giving you over everyone else.
I was reading a bunch of people crying on a web design forum saying they wish they never built their sites on an EMD at all. imo this is a silly viewpoint to take... they benefited from all of these extra rankings up till now, and then Google took away some or all of that benefit. They never penalised them. Had they done everything on a random domain instead, they would still rank in the same positions, but not have enjoyed any of those extra rankings over the last several years.