You can re-skin both the start button and taskbar with Classic Shell / Open-Shell too. My Windows 10 is skinned to look like the old Windows Embedded theme.
My bad for misunderstanding as "running directly" instead of porting. Anyway, I don't have Win 11 yet, but winedvm that runs 16bit apps on 64bit Windows might get you there. Although from what I remember running Calmira on 32bit Windows is a trippy experience.
There are win95-esque themes for win10 at the very least. There's probably some for win11 too (or maybe there's enough in common the skins could work for both?)