winevdm - A 16-bit Windows emulator, ported to 64-bit Windows, for running OLD programs

"16-bit Windows (Windows 1.x, 2.x, 3.0, 3.1, etc.) on 64-bit Windows."

An alternative to DOSBox or  vDosPlus  that may work better in some situations:

https://github.com/otya128/winevdm

"It can also run DOS executables (DOS emulator-like). You can set the DOS version with the VDMDOSVER environment variable.

DOS emulation is incomplete and it is recommended to use DOSBox or MS-DOS Player."