Yes, Microsoft have made lots of updates but your 16 bit DOS game will still run. (Elm cannot run old Elm programs but to be fair Elm is on a prerelease alpha < 1.0 version)
I don't know of this is meant to be sarcasm or earnest. In either case, it's wrong. Modern Windows will not run 16-bit DOS applications. But they did run (in various levels of compatibility) until 32-bit Windows was fully sunset (Feb 2020, Win10).