Beyond that, any lag from Win95 era was probably because of spinning hard drives. Running it on a SSD would be instantaneous. Also, file search might even work, instead of whatever we have now.
I can attest to this one, 6 months ago I had a vintage pc I needed to rehab due to the curse of the proprietary ISA card. Imaged the failing drive to an ssd, sata->IDE adapter. P3 733MHz, 128 mb ram, W98SE, its astonishingly fast and responsive. Boots nearer to my memories of MSDOS 6.22 firing up than anything else.
Acrobat reader still performs like a lead balloon though, even a miracle can't fix that one.
A whole installation of Win95 with Office95 is only a few hundred MB and would fit entirely in RAM on a modern system. You can run a VM of it like that to experience the extreme speed. Even a browser these days uses several times that.