It's definitely a mix of the two, but I think the icon style, the window borders, scrollbars, fonts, and colors are all more reminiscent of 3.11 than 95.

For a comparison of something very much 95 inspired, take a look at Chicago95, which only works with Xfce: https://github.com/grassmunk/Chicago95

I recall there was a DLL swap for 3.x which gave more beveled controls for a lot of widgets.