Win95 actually run quite good with 4MB RAM. At that time I was using also OS/2 Warp as multitasker for networked Clipper DOS programs (two DOS windows with shared storage on the same desktop emulating two networked DOS machines) and OS/2 although advertised as running with 4MB RAM actually struggled with that amount and needed at least 8MB to be usable, while Win95 run perfectly with 4MB. In the end however I had to put 8MB and use OS2 since its DOS subsystem compatibility was a lot better than the Win95 one, which was very prone to crashes when used to develop networked Clipper software that way.

Edit: minor typo

I ran it with 4MB for years. I could use it for programming(visual basic, djgpp), page design (pagemaker), office (lotus smartsuite), etc... It could play MP3s in the background without stutter once I bought a sound card. No, it wasn't perfect, but it ran better than the win10 I use at work with 16GB.

For games, I had to reboot to dos. Doom II ran with 4MB if you threw smartdrv out, except the very last level was more a kind of slide show because it tried to load all monster graphics at the same time.