I am currently in USA and would like to visit my country before thanksgiving (16 November).
I'll be traveling from Newark via Dubai. The connecting flight is from dubai and the time between two flights is only 2 hours and 10 mins.
I want to know whether the connection time is too low?
What are the policies If I miss the connecting flight due to plane being late like only 30 mins before the connecting flight (Emirates)?
As you're booked through on a single ticket the airline will handle your checked-in baggage for you. You need only get yourself and your hand luggage to the onward flight. From my own experience at Dubai this is easily doable in two hours, and the airline clearly think so since they sold you the ticket.
However, should you miss your connection because your inbound flight is late, Emirates are obliged to book you on the next available flight, so apart from a delay you should have no problems. I can think of worse places than Dubai airport to be held up.
Thanksgiving might have an impact on flights around the US (they'll probably be busier than usual), but won't be a factor elsewhere. Perhaps allow some extra time for check-in at Newark.
Were you booked on separate tickets you'd have to reclaim your baggage and check it in again at Dubai. Two hours would be quite tight, and if you're late you risk losing your onward connection altogether.