Put the following in Your Autoexec.bat. I used this in pure Dos mode of Win98se and was playing Whiplash(Fatal racing) ok in 3dfx mode.
There is an old version of Driver cleaner You can get for Win95, works well for geting rid of old drivers.

SET SST_GAMMA=1.5
REM (1.3 is dark - 1.7 is default - 2.0 is bright)
SET SST_SCREENREFRESH=60
SET SST_GRXCLK=57
SET SST_FASTMEM=1
SET SST_FASTPCIRD=1
SET SST_VIDEO_16BPP=1
SET FX_GLIDE_NO_SPLASH=1
SET FX_GLIDE_SWAPINTERVAL=0
SET SST_SWAP_EN_WAIT_ON_VSYNC=0

Thanks a lot for these settings but they don't seem to help much under Win95 or their DOS mode. However, when I boot from an empty boot disk (just command.com 6.22/oakcdrom/mscdex) it all works, and with your settings I get some more FPS in Battle Arena Toshinden!

Don't know if that helps, but currently my C:\CONFIG.SYS is empty and my AUTOEXEC.BAT only sets the SOUND/MIDI/BLASTER environment variables and the ones above, whereas the boot disk's only load the CD-ROM driver and MSCDEX...

Can't think of anything else to check 😖

It looks like there is another glide2x.ovl somewhere in %path%. Find and delete all glide2x.ovls then reinstall Voodoo1 drivers/copy glide2x.ovl from them to %system%.

Unfortunately that was one of the first things I tried, I even reformatted and installed the 2.7 drivers (which did work before) directly... Even tried to delete every glide*.ovl from everywhere and run Battle Arena Toshinden (appears to be statically linked), however with the same result. It only works when booting from the boot disk 🙁

Could the Voodoo be keeping any settings in flash/the card itself? Might try to reinstall the old drivers later, just to see if they provide any related settings-toggles... I'm all out of ideas 😕

Problem solved! Apparently the Sound Blaster AWE64 Gold drivers broke something... Fresh Win95 install, latest miro drivers (2.7) and SB drivers from the AWE64 Value ISO and everything looks okay for now...