I wonder what version of Qemu you used, but recent Qemu (>= 5.1) emulate Windows 95 correctly for me (I remember Qemu 5.0 suddenly 'stopped' randomly), and some annoying bugs on WIn98 disappeared with the latest version (Qemu 6.0). My attempts were done with Windows 98 SE installation media.
My laptop is a 2020 MacBook Air (CPU is an Intel i3-1000NG4 running at 1.1GHz, if that is important). I was not able to use Wine due to Apple dropping 32-bit application support in Catalina and Big Sur. VirtualBox: Won't load due to issues with kernel extensions not installing properly. VMware Fusion: Causes issues with the 9x setup protram. PCem: Doesn't work in CrossOver and also does not compile properly for MacOS
Results below.Ĩ6box: Out (Windows-only, also fails to load under CrossOver) What emulator would be best for running 9x on a Mac running Big Sur? I've tried a few emulators, and none of them have worked.