It is most likely a combination of both. You are noticing your emotions more which will naturally make you feel them more deeply and therapy digs up old emotions as well, ones that you weren't able to process when you were younger.
I think the digging up part gets better with time and as you learn how to handle through them without getting completely overwhelmed. Feeling and naming your emotions though is a more permanent condition and as my T and a lot of other people around here keep telling me, this is actually a good thing. (I am still doubtful but trying to be open minded.)
I have often felt that my emotions were out of control because once I opened the closet door and all of my skeletons came tumbling out all over the place I can't get the door shut again. It is a mess and stinky and yucky but little by little T helps me clean up and either put things away or throw them out.