I'll admit that VMWare was the first "real" attempt to get dos/windows games to work years ago. But the purpose of that software (and VmWare Player) is not to emulate a DOS machine but to emulate Windows on Windows (or Windows on another OS) for virtualization. So as such it's more useful to emulate Windows on Windows (if you have VT-x) and if you have a iGPU and a dedicated GPU, you can virtualize the GPU too.
Microsoft's Virtual PC is really a nerfed product, it runs the emulated Windows inside a remote desktop session, so it's absolutely useless for games. But you can migrate the Virtual PC XP image to VMWare Workstion/Player with some trivial effort and thus you have a legitimate license (I have Win7 Ultimate, or did, now it's Win 10 Pro) and don't need to worry about getting XP and activating it.
But Win95/98 has always been something of a gamble to get to work on any emulation environment, be it DosBox, PCEM, VirtualBox, VMWare, Parallels, etc. You essentially have two kinds of emulation targets out there, "Virtualization" targets where emulating servers is the goal (eg VMWare, Xen, Virtualbox) and thus they have very high overhead with the focus on performance of the guest OS at the expense of the host OS. Then you have "accurate hardware emulation" targets which is what PCem, and MAME/MESS try to do. Then you have DosBox which aims directly at DOS games, and hence the refrain "Windows 9x is NOT officially supported under DOSBox"
Also the problem Virtualbox and VMware has is that relative mouse input is perpetually broken, and is likely to never be fixed. This is why you don't play 3D games inside a VM. I've tried several games this way before, and what you get is "mouse moves in 45 degree angles only", and you end up having to pass your real USB joystick to the client OS, which only works if the joystick is of the vintage the OS expects (DirectInput for DirectX8/9 (2001), XInput for later.) The games that work the best are those that were originally operational in windowed mode. Anything that went full screen tends to have the same relative mouse problem.