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WetGeek No idea, but that might explain why it runs on modern hardware. (For some value of "runs.")
I have no idea what kind of a mess you got into with the VM, but 16-bit color support has been around since EGA, which precedes VGA, and that is at least 20-25 years ago. My much-beloved Red Alert 2 uses 16-bit graphics and I started using that on Windows 95/98, 22 years so.