I have an ancient machine but with SSD, Windows 10 is still snappy.
And on top of that as soon as you hover above an item in the taskbar it wants to show a thumbnail preview of that window.
All combined the user interaction feels a bit weird.
I turned off "Animations in the taskbar" and I think the context menu got somewhat faster.
Ideally everyone should have an SSD in 2021, but that doesn't seem to have happened yet.
If you can't afford a SSD drive, I recommend buy an older used one. Just as my machine is ancient, my SSD's are ancient too. My main drive is a Intel 530 180GB that started production in late of 2013.
The problem there I think it's that all the CLR VMs are not free, specifically the libraries in them are loaded from disk, sizable and not shared across processes, and lazy loaded.
Same problem as if you ran a lot of JVM applications.
Win95 debuted into an era when 486 was still the most common processor and 586 (aka Pentium) was just building steam.
Windows 3.11 was faster on a 486 than Windows 95, so I’m guessing you mistakenly advanced processor generations in your comment.
I guess you have a point, I was mostly remembering the desktop part, I was surprised how the limited GUI felt snappier than my latest laptop with xfce and didn't lack much important features