Which description correctly distinguishes emulsification by bile from enzymatic hydrolysis of lipids?

Emulsification directly cleaves ester bonds in triglycerides into free fatty acids while enzymatic hydrolysis only changes the physical state of lipids by mixing them with water.

Emulsification is an intracellular lysosomal process carried out by hepatocytes and is followed by pancreatic enzymes that only act on the exterior of droplets without cleaving bonds.

Emulsification by bile disperses large lipid droplets into many smaller droplets to increase surface area without breaking covalent bonds; enzymatic hydrolysis breaks triglyceride ester bonds into fatty acids and monoglycerides.

Emulsification and enzymatic hydrolysis are the same physiological process described using two interchangeable biochemical terms for the same step in fat digestion.