Hypothetical question: If you where a program running in the VM how would you know if you are in one?
Malware is quite a good study subject about this question. There's a lot of malware that won't run if it's in a virtual machine to avoid researchers from testing it inside one.
https://github.com/AlicanAkyol/sems
(dunno if these would build/run on win98 though)
Or, are there modes for emulators like qemu/bochs, where they'll run entirely with "real" (LLE-emulated) hardware?