If you use 10.0.2.2 for connection it will always point to your localhost. I used the real IP for my machine before reading this and it works in both ways.
The advantage of using 10.0.2.2 is that you don't care what is the real IP and you can move the project easier on another computer.
If you are running both server and emulator in you computer 127.0.0.1:(port) will refer to the emulator itself and not to the server.The 10.0.2.2 is the solution to that problem :)
The reason why you use 10.0.2.2 is because it's the special alias to your host loopback interface (aka 127.0.0.1). That's why it works, and isn't it cool that it does?
Each instance of the emulator runs behind a virtual router/firewall service that isolates it from your development machine's network interfaces and settings and from the internet. An emulated device can not see your development machine or other emulator instances on the network. Instead, it sees only that it is connected through Ethernet to a router/firewall.
The virtual router for each instance manages the 10.0.2/24 network address space — all addresses managed by the router are in the form of 10.0.2.<xx>, where <xx> is a number. Addresses within this space are pre-allocated by the emulator/router as follows:
Network Address Description
10.0.2.1 Router/gateway address
10.0.2.2 Special alias to your host loopback interface (i.e., 127.0.0.1 on your development machine)
10.0.2.3 First DNS server
10.0.2.4 / 10.0.2.5 / 10.0.2.6 Optional second, third and fourth DNS server (if any)
10.0.2.15 The emulated device's own network/ethernet interface
127.0.0.1 The emulated device's own loopback interface