Probably it wasn't related to VME at all for Win98 VM issues with hardware virtualization on Ryzen CPU. Other than Win98, WinME/2K/XP all run perfectly with hardware virtualization on Ryzen CPUs. From the symptom and error message from Win98 VM, it seems like DLL page mapping issues and that points to the Win98 TLB invalidation bug, which unfortunately is a flaw in Win98 MMU implementation that violates x86 CPU specification, specifically on AMD CPUs. The issue could have been amplified when CPUs go faster, bigger OOO ROB and loosen memory load/store order to achieve high performance computing.
Yes, Intel CPUs work great for Win98 VM with hardware virtualization ( ... however not for their own HAXM ... 🤣). It is a fact that Intel would manage x86 CPU quirks for legacy software much better than AMD. Intel was also traditionally more conservative with advanced CPU architecture compared to their x86 clone competitors simply because they had manufacturing prowess to achieve performance without advanced architecture.