The project should eventually allow emulation of the entire Windows 95/Windows 98 era. In my mind, it's comparable to what BSNES was to the Super Nintendo - accurate emulation that saves an entire era of software from getting lost.
Flash is homogeneous and hardware-agnostic, unlike those old Windows-based titles. Flash provides ~1 (bar inter-version incompatibility) target platform, and as far as I know, can run entirely in software rendering mode. If your computer is fast enough, there will be no hardware-based problem with running Flash software.
For Windows 95, there were multiple 3D APIs other than DirectX and OpenGL, and some titles depended on hardware-based quirks. Those APIs and hardware needed to be emulated accurately enough or passed through. That's quite a large support surface.
In comparison, Flash needs a Windows XP VM (or a standalone projector) with software-based rendering and that's it. Not nearly as bad.
On VooDoo, Bochs does that too, up to VooDoo2 nowadays. There may be clock issues, but if you set the IPS count to the MHZ of the targetted machines, games will run close.
Qemu does Cirrus and Pentium3 compatibility, and still no luck.
I tried with XP on compatibility mode, and no luck. Windows 95, 98, Bochs, Qemu, with Cirrus and VBE. Nada. W2K, compat mode with the RUNDLL trick, both to W95 and W98, still a Direct Draw error on launch.
The game is the Spanish edition of Byzantine: The Betrayal, "La Pesadilla Turca".
If it really is a Macromedia Director game, I hope ScummVM runs it as it does with some games/software.
https://www.nongnu.org/wined3d/
https://fdossena.com/?p=wined3d/index.frag
https://github.com/CnCNet/cnc-ddraw
https://github.com/elishacloud/dxwrapper
https://sol.gfxile.net/ddhack/index.html
even Win10 ships with own ddraw.dll wrapper.
And w98, but everyone knows is slow as fuck. It makes playing 2D games from 1999 with a worse performance than a Pentium 90.
And, yes, I had to use Wine's DDraw while patching the exes in order to run some games fast on my aunt's W10 machine. Those games (nothing fancy, Trivia games, a fancy Hangman, cards, crosswords, puzzles...) ran like butter in my AMD Athlon with Windows 98, unsurprisily.
I tried several OSes and graphic cards, and no luck.
Windows 95 with Bochs was close, but still slow.
VirtualBox is a no no, too, because the game is really tied to a Pentium processor. Anything faster and you wouldn't react to timed events.
Some people launched it under Virtual PC and W95, but I use Slackware, so it doesn't apply.
Bochs is unlike VMs, with Bochs for sure you will set up W95 and W98 without BSODing, fore sure. Bochs emulates even an i7, at glacial speeds, but it's a beast for debugging. It emulates even the virtualisation instructions themselves, FFS, in order to debug the inners of a guest OS while "virtualising". And it did VooDoo and VooDoo2 before PCEM several years before even it existed.
The issue is those early games for W95 don't even launch properly on real machines under Windows 98!
Flash will follow the same path, but unlike those pesky Direct Draw spin-o-rama games, Ruffle works with ease and back in the day you could play swf embedded videos in a video player with a library. So, stop whinning. We, the older abandonware gaming users have it worse, far worse.
ScummVM may support that w95 game one day, but today it doesn't.
Oh, and for Sure Scummvm in a near future will make standalone SWF games playable.