[pjmlp]

Not really, depends from what era as well, even though Windows is more backwards compatible.

Win16 is only supported up to Windows 10.

Win32 did not run in special variations of Windows 8, like Windows RT tablets, where only UWP was supported (guess why they didn't took off).

All Windows versions that descend from Windows NT, also support many architectures, only a few had x86 emulators.

The latest attempt to push Windows on ARM, only started taking off with Arm64EC binaries, which are the Windows version of fat binaries, and the emulator isn't as good as Rosetta.

Finally even Microsoft does indeed drop functions every now and then, even if that is a seldom event.

Then the random exe might appear run, but crash into issues like modern HDPi, new security model,...