Spoiler: When having Internet connectivity issues, make sure that Android Studio is running. (because it acts as a proxy for the emulator)
So I’ve had a reoccurring issue where my Android Emulator device would lose connectivity from time to time, and to fix it I went to delete it and create a new device from the Android Virtual Device Manager (AVD). Unfortunately, this was only temporary and the issue would appear again at a point.
After happening again, I decided to try to debug it instead of starting from scratch. It turned out, that in order to have an internet connection, the Android Studio should be started. The reason for losing the connectivity was because I was sometimes closing the Android Studio in order to decrease the load on my PC (I’m working with React Native and expo, and don’t use the Android Studio much).
So before trying something fancy from the SO answers to the “Android emulator not able to access the internet” question, make sure that Android Studio is running 🙂