There are far too many possibilities here given the limited information.
This thread suggests you might need a patch.
Re: Need help with patching Warlords 2 Deluxe
Another Google search suggests you may need EMS in Windows 95.
http://www.heeter.net/warlords/demos_and_patc … cientEMSfix.txt
I assume when you run the game in Windows 95 that you're just double-clicking the .exe. What if you open an MS-DOS prompt in Windows 95 and try to run the game from there? Do you get some kind of error message?
It is quite possible that 256 MB of RAM is too much for the game; DOSBox has a much smaller limit by default. You can try restricting the amount of RAM to 64 MB (or less) by using HIMEMX, or alternatively setting up a 200 MB RAM disk with xmsdisk or a similar utility.